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 November 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 as Exhibit 1 is a copy of the press release issued by
Nordic American Tanker Shipping Limited ("NAT" or the "Company") on November 1,
2004, announcing the acquisition of a new vessel.
Exhibit 1
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE: NAT) Announces
Vessel Acquisition
Hamilton, Bermuda, November 1, 2004
Nordic American Tanker Shipping Ltd. (the "Company") today announced that the
Company has agreed to acquire the 149,591 dwt Suezmax tanker M.T. Wilma Yangtze
from the Anders Wilhelmsen group of Norway. This tanker was built in China and
has been owned by Anders Wilhelmsen since it was delivered from the builder.
Following this acquisition, the Company will have four environmentally friendly
modern suezmax oil tankers. All four ships were built in 1997 and they have
double hull.
The Company's Chairman and CEO, Herbjorn Hansson, commented: "This transaction
is in line with our growth strategy of accretive acquisitions to bolster
dividends and earnings per share. I am pleased that we have been able to do this
business which, we believe, represents an important step in the further
expansion of our Company - a process that we expect will continue."
The acquisition price for the ship of $66 million will be financed with a
revolving credit facility of $300 million that the Company has established
with an international banking syndicate, giving the Company important financial
flexibility in the time to come. The Company will take over the ship at the end
of November and it will be bareboat chartered back to the present owner until
the end of January 2005 at an average rate of approximately $50,000 per day
(time charter equivalent). Thereafter, the vessel is expected to be employed in
the spot market, technically and commercially under the control of the Company.
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, other 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 charter 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 our operating expenses, including bunker prices, drydocking
and insurance costs, the market for our 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, vessels breakdowns and
instances of off-hires and other important factors described from time to time
in the reports filed by the Company with the Securities and Exchange Commission,
including our Annual Report on Form 20-F.
Contacts:
Scandic American Shipping Ltd
Manager for
Nordic American Tanker Shipping Ltd.
P.O Box 56
3201 Sandefjord
Norway
Tel: + 47 33 42 73 00 E-mail: info@scandicamerican.com
Web-site: www.nat.bm
Rolf Amundsen
Chief Financial Officer
Nordic American Tanker Shipping Ltd.
Tel: +1 800 601 9079 or + 47 908 26 906
Gary J. Wolfe, Esq.
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Herbjorn Hansson
Chairman & CEO
Nordic American Tanker Shipping Ltd.
Tel: +1 866 805 9504 or + 47 901 46 291
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: November 1, 2004 By:/s/ Herbjorn Hansson
----------------------------
Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #522393