FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April 2004
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Canons Court
22 Victoria Street
Hamilton HM 12
Bermuda
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [ ] No [X]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto are copies of dividend and earnings releases issued by
Nordic American Tanker Shipping Limited (the "Company") on April 14, 2004,
announcing its second quarter dividend payment and first quarter earnings.
ADDITIONAL INFORMATION
BP Plc files annual reports on Form 20-F (File No. 1-6262) and
periodic reports on Form 6-K with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended.
Exhibit 1
FOR IMMEDIATE RELEASE
Hamilton, Bermuda, April 14, 2004: Nordic American Tanker Shipping Limited
(AMEX:NAT, OSE:NAT) today announced that its Board of Directors has declared a
dividend in the amount of $1.70 per share, to be paid to shareholders of record
as of April 29, 2004. The expected payment date is May 17, 2004.
Contact: Gary J. Wolfe
Seward & Kissel LLP
Tel. 212-574-1223
Rolf Amundsen, Esq.
Amundsen & Partners AS
011-47-90-82-69-06
Exhibit 2
FOR IMMEDIATE RELEASE
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE: NAT) announces
results for 1st quarter 2004.
As of 03/31/04 (1st quarter 2004) NAT had an operating profit of $15.4 million
as against $11.4 million during the same period last year. The net profit for
the 1st quarter 2004 was $14.9 million as against $10.9 million in the same
period last year. The increase in earnings in the 1st quarter 2004 compared to
the same period in year 2003 is a result of tanker rates being stronger this
quarter.
Stronger tanker rates and the results for the 1st quarter of 2004 enable the
Company to pay a 2nd quarter 2004 dividend of $1.70 per share. Including the
dividend for the 2nd quarter of 2004, the total dividend paid so far in 2004 is
$2.85 per share. The total dividend paid in 2003 and 2002 were $3.05 and $1.35
per share, respectively. The 2nd quarter 2004 dividend of $1.70 will be paid on
or about May 17th to shareholders of record as of April 29, 2004. The next
dividend payment from NAT will be declared in July 2004.
Under the contracts with BP Shipping, NAT achieves rates that correspond to the
spot market for modern Suezmax tankers, but not below $ 22,000 per day (T/C
equivalent), which is the agreed minimum rate with BP Shipping. The spot market
for modern Suezmax tankers in the 1st quarter of 2004 was above the agreed
minimum rate the NAT vessels have with the charterer BP Shipping. The 1st
quarter 2004 time charter (T/C) equivalent for the NAT vessels was $63,787 per
day compared to $51,501 in the 4th quarter, $23,243 in the 3rd quarter and
$38,291 in the 2nd quarter of 2003.
The contracts with BP Shipping commenced on October 1, 1997 and will terminate
on October 1, 2004 (see below).
The quarterly $ per day T/C equivalent for the NAT vessels has since 1999 been
as follows:
Period 1999 2000 2001 2002 2003 2004
--------------------------------------------------------------------------------
1st Quarter 22,000 26,079 51,607 22,000 57,756 63,787
2nd Quarter 22,000 33,701 35,088 22,000 38,291
3rd Quarter 22,000 48,153 28,668 22,000 23,243
4th Quarter 22,000 59,059 22,617 33,868 51,501
NAT has 9,706,606 shares in issue.
The results for the 1st quarter of 2004 compared to the same period last year
and 4th quarter 2003, are as follows:
INCOME STATEMENT INFORMATION
All figures in USD
1st Qtr. 1st Qtr. 4th Qtr. All
2004 2003 2003 2003
---- ---- ---- ----
Revenue 17,413,885 13,299,187 11,868,306 37,370,756
Ship Broker Commissions (46,069) (45,562) (46,575) (184,781)
Management Fee Expense (62,500) (62,500) (62,500) (250,000)
Insurance Expense (26,666) (25,000) (26,666) (101,666)
Other Expenses (184,532) (60,037) (5,302) (116,421)
Depreciation (1,707,760) (1,707,760) (1,707,760) (6,831,040)
-----------------------------------------------------------------------------------
Net Operating Income 15,386,358 11,398,328 10,019,503 29,886,848
Financial Income 12,234 4,913 6,487 26,462
Financial Expenses (444,256) (463,800) (461,525) (1,813,021)
Net Financial Items (432,022) (458,887) (455,038) (1,786,559)
Net Profit 14,954,336 10,939,441 9,564,465 28,100,289
Earnings per Share 1.54 1.13 0.99 2.89
Cash Flow per Share 1.72 1.30 1.16 3.60
The quarterly dividend paid since the commencement in 1997 has been as follows:
Period 1997 1998 1999 2000 2001 2002 2003 2004
--------------------------------------------------------------------------------
1st Quarter 0.40 0.32 0.34 1.41 0.36 0.63 1.15
2nd Quarter 0.41 0.32 0.45 1.19 0.34 1.27 1.70
3rd Quarter 0.32 0.35 0.67 0.72 0.33 0.78
4th Quarter 0.30 0.30 0.36 1.10 0.55 0.32 0.37
--------------------------------------------------------------------------------
Total USD 0.30 1.43 1.35 2.56 3.87 1.35 3.05
--------------------------------------------------------------------------------
Balance sheet for Nordic American Tanker Shipping Ltd as of March 31, 2004 and
December 31, 2003 (Figures in USD)
03/31/04 12/31/03
Vessels 126,374,165 128,081,925
Current assets 13,804,241 8,248,449
Cash deposits 521,777 565,924
---------------------------------------------------------------
Total assets 140,700,183 136,896,298
---------------------------------------------------------------
Shareholder's equity 110,649,620 106,857,976
Long term debt 30,000,000 30,000,000
Current liabilities 50,563 38,322
---------------------------------------------------------------
Total liabilities & equity 140,700,183 136,896,298
---------------------------------------------------------------
As previously announced by the Company, BP Shipping the charterer of the
Company's 3 Suezmax tankers, has not delivered notice of exercise of its options
to extend the charters. Accordingly, the existing charters will terminate on
October 1, 2004, subject to a redelivery window for the vessels of between
September 1, 2004 and November 1, 2004.
At the Company's Special Meeting of Shareholders on March 15, 2004, the
Company's shareholders decided by vote of approximately 96% of those voting to
continue the Company in business. However, as the quorum was not sufficient to
amend the Company's bye-laws, the restrictions on the Company's business
activities will continue to expire on the termination of the BP charters on
October 1, 2004 (subject to possible extensions of up to 30 days at BP's
option). Following termination of the restrictions, the Company will be free
under its bye-laws to conduct any business permitted by law on an unrestricted
basis. The Board of Directors is currently reviewing the Company's business
plan.
In the absence of the renewal by BP Shipping of its option for all 3 vessels,
the following alternatives are possible:
o The renegotiation by the Company and BP Shipping of the charters.
o The employment by the Company of the vessels in the spot market as
from October 1, 2004.
o The long-term charter of the vessels to other end-users than BP
Shipping.
o Any combination of these alternatives.
April 14, 2004
Contacts: Gary J. Wolfe
Seward & Kissel, New York, USA
Tel: (1) 212 574 1223
Scandic American Shipping Ltd (www.scandicamerican.com)
P.O Box 56
3201 Sandefjord
Norway
Tel: + 47 33 44 61 40, or +47 901 46 291,
e-mail: nat@scandicamerican.com or
Rolf Amundsen
Amundsen Partners, Oslo, Norway
Tel: + 47 908 26 906
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "except," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "will," "may," "should," "expect" "pending and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors, important factors that, in our view,
could cause actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charterhire
rates and vessel values, changes in demand in the tanker market, as a result of
changes in OPEC's petroleum production levels and world wide oil consumption and
storage, changes in the Company's operating expenses, including bunker prices,
drydocking and insurance costs, the market for the Company's vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in the
reports filed by the Company with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
NORDIC AMERICAN TANKER SHIPPING LIMITED
(registrant)
Dated: April 14, 2004 By:/s/ Herbjorn Hansson
----------------------------
Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #478700