UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
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 2009
Commission
File Number: 001-13944
|
NORDIC
AMERICAN TANKER SHIPPING LIMITED
|
|
(Translation
of registrant’s name into English)
|
|
LOM
Building, 27 Reid Street, Hamilton, HM 11, Bermuda
|
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[x] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant's security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a press release of Nordic American Tanker Shipping
Limited, dated November 9, 2009, announcing its dividend and results for the
third quarter of 2009 and the acquisition of its eighteenth vessel.
Exhibit
1
Nordic
American Tanker Shipping Ltd. (NYSE:NAT) – Announces Dividend for the 49th
Consecutive Quarter - 3rd Quarter 2009 Report. No Change to Dividend Policy.
Further Fleet Expansion to 18 Vessels – bolstering Dividend
Capacity.
Hamilton,
Bermuda, November 9, 2009
Introduction and
Overview
On or
about December 4th NAT
will pay a dividend for the 49th
consecutive quarter since the first three vessels were delivered to the Company
in the autumn of 1997 when the Company commenced operations. Since then a total
of $39.89 per share has been paid in dividend.
We
believe that some salient points of this report are as follows:
|
·
|
The
3rd
quarter was down with a corresponding low dividend of $0.10 per share
because of a low freight market.
|
|
·
|
There
are signs of a positive development in the world economy and the freight
market for the 4th
quarter has started on a positive note compared with 3rd
quarter.
|
|
·
|
We
announced yesterday our agreement to acquire vessel no. 18 – which will
increase the dividend capacity of the
Company.
|
The low
spot rates for suezmax tankers during 3Q09 resulted in a lower dividend payment
than in the 2Q09. In this environment, with a spot market fleet,
except for one vessel, the Company can be expected to reap the benefits of a
potential upswing in the tanker market more or less immediately. The Imarex
rates, giving an indication of the level of the tanker market, were on average
$13,000 per day during 3Q09. The Imarex rate for suezmaxes at the
time of this report is $17,846 per day. The average Imarex projected rates for
November and December are about $20,000 per day. It is indicated that the world
economy, as expressed by the GNP development, has bottomed out which is positive
for the tanker business. The Board is optimistic for the future of the Company
and the announcement to acquire vessel no. 18 is a confirmation of this
view.
During
2009 NAT has acquired three vessels, and has entered into an agreement to
acquire the fourth, increasing the trading fleet by one third – from 12 to 16
vessels - since the beginning of the year. The acquisitions are accretive,
increasing the dividend potential of the Company. The acquisitions have improved
our position relative to competitors which have a tough time in coping with the
consequences of the international financial crisis. We have two newbuildings
coming next year, bringing the trading fleet to 18 vessels. We do not
plan to go to the market to raise capital for the vessels we now have, the one
to be delivered to us by end February 2010 and the two
newbuildings. From the end of 2008 and until August 2010 – a period
of 20 months – the total fleet will have grown from 12 to 18 vessels, thereby
increasing the dividend and earnings potential by 50%.
A full
dividend payout policy and a strong balance sheet are central components of the
consistent and transparent strategy of NAT. As in the past, in order
to create value for shareholders, the fleet must grow faster than the share
count over time.
Typically,
our dividend follows the level of the spot suezmax tanker freight
market. That is why our dividend is lower in 3Q09 than in
2Q09. However, our policy of paying dividends from operating cash
flow remains the same. Generally, when rates in the suezmax freight
market increase, our dividend can be expected to increase. Therefore, the
Company has the full upside associated with a market improvement. Going forward,
we expect that spot suezmax freight rates may fluctuate in an unpredictable
manner.
The
present instability in the financial markets and the lower freight markets are
posing serious issues for debt laden shipping companies. Some of them have
suspended dividends or changed their dividend policy and they have had to
negotiate new terms with the banks. NAT is staying its course in this
environment - having no net debt. We go forward with a view to retaining what we
consider the exceptionally strong financial situation of the Company - both in
absolute and relative terms – as we believe that is in the best interests of our
shareholders.
Our
primary objective is to maximize total return1 to our shareholders, including maximizing our
quarterly cash dividend.
The
Company does not engage in any type of derivatives.
Other
Highlights:
|
·
|
Net
income for 3Q09 was -$0.28 per share based on the weighted average number
of shares outstanding during the quarter of 42,204,904, compared to $0.00
per share for 2Q09. Net result from ongoing operations was -$0.26 per
share. To put this into perspective, due to lower freight markets at the
time, net income was also below zero in
3Q07.
|
|
·
|
In
3Q09 total off-hire (out of service) for the Company's fleet was about 40
days of which planned off-hire was about 15 days. There are no scheduled
dry-dockings for any of the Company’s vessels until 2010 when one vessel
is scheduled for dry-docking.
|
|
·
|
In
early October, the Company announced that it had agreed to acquire a
2002-built double hull suezmax tanker. We expect to take
delivery of this vessel, to be named the Nordic Mistral, by mid-November
2009. The Company announced yesterday that it has agreed to acquire an
additional 2002 built double hull suezmax vessel which is expected to be
delivered to us by the end of February 2010. The two newbuildings of the
Company are expected to be delivered in May and August 2010, bringing the
trading fleet to 18 vessels.
|
Financial
Information:
The Board
has declared a dividend of $0.10 per share in respect of 3Q09. A dividend of
$0.50 per share was declared for 2Q09. The amount of dividends per share is
above all a reflection of the level of the spot tanker market during the
relevant quarter and the number of shares outstanding. The number of shares
outstanding for the third quarter of 2009 was 42,204,904 – the same number as of
the date of this release.
Net
income for 3Q09 was -$11.8m, or -$0.28 per share (EPS) compared to net income of
-$0.1m, or $0.00 per share for 2Q09. One-time charges and non-cash general and
administrative items for 3Q09 equal $0.02 and $0.03 per share,
respectively. Therefore, result from ongoing operations was -$0.26
per share. Reflecting a weak spot market in the quarter, the Company’s operating
cash flow2 was $3.8m for 3Q09, compared to $17.0m for
2Q09.
We
consider our general and administrative costs per day per ship to be at a low
level. We also continue to have a strong focus on keeping our vessel operating
costs low, while always maintaining our commitment to safe vessel
operations.
We
estimate that our average cash breakeven level for our fleet is below $10,000
per day per vessel. When the freight market is above this level, the Company can
be expected to pay a dividend. The breakeven rate is the amount of average daily
revenues our vessels would need to earn in the spot market in order to cover our
vessel operating expenses, voyage expenses, if any, cash general and
administrative expenses, interest expense and other financial
charges.
_____________________________
1 Total
Return is defined as stock price plus dividends, assuming dividends
are reinvested in the stock
2 of
8
At the
time of this report the Company has no net debt and has an undrawn revolving
credit facility of $500 million. The credit facility, which matures in September
2013, is not subject to reduction by the lenders and there is no obligation to
repay principal during the term of the facility. The Company pays interest only
on drawn amounts and a commitment fee for undrawn amounts. Assuming
no more acquisitions are made until the last of the two newbuildings are
delivered in 2010, the Company can be expected to have net debt of about $8
million per vessel at that time in addition to having a substantial reserve in
the unused credit facility.
The
double hull Suezmax tanker which was delivered to the Company on July 7, 2009,
the Nordic Grace, was financed from cash on hand. The vessel we
agreed to purchase on October 5, 2009, will also be financed from cash. The same
goes for the vessel that the Company has agreed to acquire and which will be
delivered to us by the end of February 2010.
For
further details on our financial position and for other periods such as 3Q08 and
for the nine months ended September 30, 2009 and September 30, 2008, please see
later in this release.
The
Fleet:
With the
delivery of the Nordic Grace in July, the recently acquired vessel to be
delivered by mid-November this year and the vessel expected to be delivered to
us by end February 2010, 15 of the Company’s 16 existing vessels have employment
in two cooperative arrangements. One vessel remains employed on a long-term
fixed rate charter.
By way of
comparison, in the autumn of 2004 the Company had three vessels; at the end of
2005 the Company had eight vessels; and at the end of 2006 the Company had 12
vessels. During 2Q09, we had 13 vessels in operation. With the two newbuildings
announced in November 2007 and the most recent acquisitions, the Company is
expected to have a fleet of 18 vessels operating from August 2010, assuming no
further acquisitions in the meantime.
|
Vessel
|
Dwt
|
Employment
|
|||
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Gulf
Scandic
|
151,475 |
Long
term fixed charter
|
|||
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Nordic
Hawk
|
151,475 |
Spot
|
|||
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Nordic
Hunter
|
151,400 |
Spot
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|||
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Nordic
Voyager
|
149,591 |
Spot
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|||
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Nordic
Fighter
|
153,328 |
Spot
|
|||
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Nordic
Freedom
|
163,455 |
Spot
|
|||
|
Nordic
Discovery
|
153,328 |
Spot
|
|||
|
Nordic
Saturn
|
157,332 |
Spot
|
|||
|
Nordic
Jupiter
|
157,411 |
Spot
|
|||
|
Nordic
Cosmos
|
159,998 |
Spot
|
|||
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Nordic
Moon
|
159,999 |
Spot
|
|||
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Nordic
Apollo
|
159,999 |
Spot
|
|||
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Nordic
Sprite
|
147,188 |
Spot
|
|||
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Nordic
Grace
|
149,921 |
Spot
|
|||
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Nordic
Mistral
|
164,236 |
Delivery
expected by mid-November 2009
|
|||
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Nordic
TBN
|
164,274 |
Delivery
expected by end February 2010
|
|||
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Nordic
Galaxy
|
163,000 |
Delivery
expected by end May 2010
|
|||
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Nordic
Vega
|
163,000 |
Delivery
expected by end August 2010
|
|||
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Total
|
2,820,410 | ||||
No
scheduled dry-dockings were undertaken during 3Q09. There are no further
scheduled dry-dockings for our vessels until 2010 when one dry-docking is
expected to take place. During 3Q09, we had in total 25 days of
unplanned off-hire and 15 days planned off-hire for our fleet.
3 of
8
Financial Instability and
the Tanker Market:
In our
quarterly reports to shareholders we have often stressed the significance of the
development of the world economy for the tanker industry. Presently, the world
economy shows a significant contraction of demand. This downturn influenced the
suezmax tanker market during the 3Q09. Exports of oil from OPEC to
the West have declined over the last few months, reducing demand for tanker
vessels.
For NAT a
lower freight tanker market can be expected to result in a lower
dividend. If a lower freight market results in lower vessel prices –
such a development would be an advantage for the Company because we would be in
a position to acquire additional vessels inexpensively compared to historic
levels. The four acquisitions so far in 2009 reflect the ability of the Company
to grow accretively; they will allow the Company to pay a higher dividend than
if they had not taken place. This is so irrespective of the level of the suezmax
spot tanker market, as long as the freight level is above the Company's low cash
break-even for its fleet as a whole.
While the
recession internationally is reducing the demand for transportation capacity,
the demand side for tankers to some extent continues to be impacted positively
by the use of tankers for storage.
On the
supply side, we now see clearly that the current financial upheaval may delay
deliveries of newbuildings and may also lead to the cancellation of newbuilding
orders.
|
The
average daily rate for our spot vessels was $14,075 per day net to us
during 3Q09 compared with $26,300 per day for 2Q09.
Spot
market rates for suezmax tankers are very volatile. The average spot
market rate for modern suezmax tankers as reported by Imarex was $13,012
per day in 3Q09 compared to $20,569 per day during 2Q09. The
Imarex rate at the time of this report is $17,846 per day.
The
graph shows the average yearly spot rates since 2000 as reported by R.S.
Platou Economic Research a.s. The rates as reported by
shipbrokers and by Imarex may vary from the actual rates we achieve in the
market.
|
 |
We
believe it is an advantage for the Company to have its spot vessels in two
cooperative arrangements which in total have more than 50 suezmax vessels under
commercial management.
Strategy
going forward:
We
believe that the operating model of the Company works to the benefit of our
shareholders.
The
serious financial turmoil may represent attractive opportunities for our
Company.
The
Company essentially has the following strategic position going forward: If the
market is firm, very good results and dividend can be
expected.
4 of
8
In a
weaker market, the dividend will be lower which is a minus. However, if rates
are down for a while, the Company is in a position to buy ships inexpensively
and accretively which is a plus. This plus can be expected to be much
larger than the minus. Several of our listed competitors have significant
net debt which could make it difficult for them to buy vessels in a weak market.
In this way, the Company has covered both scenarios. Typically, the level of the
spot market rates may change very fast.
Our
policy is to grow when it is profitable and accretive to do so; that is, after
an acquisition of vessels or other forms of expansion, the Company should be
able pay a higher dividend per share and produce higher earnings per share than
before such an event before taking into account any change in the spot rates. We
believe that the acquisitions this year are examples of such accretive
transactions.
We
believe that our full dividend payout policy will continue to enable us to
achieve a competitive cash yield compared with that of other shipping
companies.
We
encourage investors wishing to have exposure to the tanker sector to assess our
model and invest in our Company.
In the
midst of the international financial instability, our Company is well
positioned. To the best of our ability we shall endeavor to safeguard and
further strengthen this position.
* * * *
*
5 of
8
NORDIC
AMERICAN TANKER SHIPPING LIMITED
| Amounts in USD '000 | ||||||||||||||||||||
|
CONDENSED
STATEMENTS
OF
OPERATION
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||||||
|
Sep.
30, 2009
|
Jun.
30, 2009
|
Sep.
30, 2008
|
Sep.
30, 2009
|
Sep.
30, 2008
|
||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||||
|
NET
VOYAGE REVENUE
|
17 742 | 29 745 | 67 316 | 91 790 | 177 440 | |||||||||||||||
|
OPERATING
EXPENSES
Vessel
operating expenses
|
(11 868 | ) | (10 732 | ) | (9 175 | ) | (31 947 | ) | (26 918 | ) | ||||||||||
|
Depreciation
|
(14 116 | ) | (13 396 | ) | (12 359 | ) | (40 395 | ) | (35 731 | )** | ||||||||||
|
General
and administrative costs
|
(3 157 | )* | (5 562 | )* | (2 985 | )* | (13 257 | )** | (10 829 | ) | ||||||||||
| (29 141 | ) | (29 690 | ) | (24 519 | ) | (85 599 | ) | (73 478 | ) | |||||||||||
|
Income
from vessel operation
|
(11 399 | ) | 55 | 42 797 | 6 191 | 103 962 | ||||||||||||||
|
Interest
income
|
101 | 211 | 321 | 520 | 799 | |||||||||||||||
|
Interest
expense
|
(496 | ) | (403 | ) | (434 | ) | (1 431 | ) | (3 115 | ) | ||||||||||
| (395 | ) | (192 | ) | (113 | ) | (911 | ) | (2 316 | ) | |||||||||||
|
NET
INCOME/(LOSS)
|
(11 794 | ) | (137 | ) | 42 684 | 5 280 | 101 646 | |||||||||||||
|
Earnings
per average number of shares
|
(0,28 | ) | (0,00 | ) | 1,24 | 0,13 | 3,16 | |||||||||||||
|
Weighted
average number of shares
|
42 204 904 | 39 978 227 | 34 373 271 | 39 857 965 | 32 190 342 | |||||||||||||||
|
Common
shares outstanding
|
422 04 904 | 42 204 904 | 34 373 271 | 42 204 904 | 34 373 271 | |||||||||||||||
|
*)
|
The
G&A for the three months ended Sep. 30, 2009, Jun. 30, 2009 and Sep.
30, 2008 include non-cash charges of $1.1m, $3.6m and $1.2m respectively
which are charges related to share based compensation, the 2004 Stock
Option Plan and pension cost.
|
|
**)
|
The
G&A for the nine months ended Sep. 30, 2009 and 2008 include non-cash
charges of $7.5m and $5.8m respectively which are charges related to share
based compensation, the 2004 Stock Option Plan and pension
cost.
|
|
CONDENSED
BALANCE
SHEETS
|
Sep.
30, 2009
|
Sep.
30, 2008
|
Dec.
31, 2008
|
|||||||||
|
|
(unaudited)
|
(unaudited)
|
||||||||||
|
Cash
deposits
|
88 265 | 31 120 | 31 378 | |||||||||
|
Accounts
receiveable
|
21 070 | 64 101 | 40 335 | |||||||||
|
Other
current assets
|
54 014 | * | 6 104 | 22 406 | ||||||||
|
Vessels
|
784 800 | 720 035 | 707 853 | |||||||||
|
Other
long term assets
|
9 895 | 21 491 | 11 906 | |||||||||
|
Total
Assets
|
958 044 | 842 851 | 813 878 | |||||||||
|
Accounts
payable
|
4 721 | 5 816 | 1 947 | |||||||||
|
Accrued
liabilities
|
4 676 | 6 405 | 4 267 | |||||||||
|
Accrued
long-term liability
|
6 090 | 4 086 | 4 078 | |||||||||
|
Long-term
debt
|
0 | 0 | 15 000 | |||||||||
|
Shareholders'
equity
|
942 557 | 826 544 | 788 586 | |||||||||
|
Total
liabilities and shareholders' equity
|
958 044 | 842 851 | 813 878 | |||||||||
|
*)
|
Other
current assets for Sep. 30, 2009 includes deposit on contract of $18.0m
and loan to First Olsen Ltd of $25.8m, both related to the newbuildings
which is expected to be delivered to us by end May 2010 and by end August
2010.
|
|
CONDENSED
STATEMENTS OF
|
Nine
months ended
|
Twelve
Months
Ended
|
||||||||||
| CASH FLOW |
Sep.
30, 2009
(unaudited)
|
Sep.
30, 2008
(unaudited)
|
Dec.
31, 2008
|
|||||||||
|
OPERATING
ACTIVITIES
|
||||||||||||
|
Net
cash from Operating Activities
|
41 303 | 87 301 | 127 900 | |||||||||
|
FINANCING
ACTIVITIES
|
||||||||||||
|
Net
proceeds from sale of Common Stock
|
236 706 | 158 906 | 158 891 | |||||||||
|
Proceeds
from use of Credit Facility
|
61 000 | 10 000 | 25 000 | |||||||||
|
Repayment
of debt
|
(76 000 | ) | (115 500 | ) | (115 500 | ) | ||||||
|
Loan
facility costs
|
0 | (2 316 | ) | (2 316 | ) | |||||||
|
Dividends
paid
|
(91 210 | ) | (110 545 | ) | (165 886 | ) | ||||||
|
Net
Cash provided by (used for) Financing Activities
|
130 496 | (59 455 | ) | (99 812 | ) | |||||||
|
INVESTING
ACTIVITIES
|
||||||||||||
|
Investment
in Vessels
|
(114 912 | ) | (10 068 | ) | (10 053 | ) | ||||||
|
Net
cash used by investing activities
|
(114 912 | ) | (10 068 | ) | (10 053 | ) | ||||||
|
Net
Increase in Cash and Cash Equivalents
|
56 887 | 17 778 | 18 036 | |||||||||
|
Beginning
Cash and Cash Equivalents
|
31 378 | 13 342 | 13 342 | |||||||||
|
Ending
Cash and Cash Equivalents
|
88 265 | 31 120 | 31 378 | |||||||||
6 of
8
|
|
NORDIC
AMERICAN TANKER SHIPPING LIMITED
|
|
|
Reconciliation
of non-GAAP financial measures
|
|
|
(Amounts
in USD '000)
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||||||||
|
Sep.
30,
|
Jun.
30,
|
Sep.
30,
|
Sep.
30,
|
Sep.
30,
|
|||||||||||||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||
|
Voyage
revenue
|
21 575 | 30 803 | 69 202 | 97 525 | 187 129 | ||||||||||||||||
|
Voyage
expenses
|
(3 833 | ) | (1 058 | ) | (1 886 | ) | (5 735 | ) | (9 689 | ) | |||||||||||
|
Net
voyage revenue (1)
|
17 742 | 29 745 | 67 316 | 91 790 |
#
|
177 440 | |||||||||||||||
| Three Months Ended | ||||||||||||
| Sep. 30, | Jun. 30, | Sep. 30, | ||||||||||
|
2009
|
2009
|
2008
|
||||||||||
|
Income
from vessel operations
|
(11 399 | ) | 55 | 42 797 | ||||||||
|
Depreciation
|
14 116 | 13 396 | 12 359 | |||||||||
|
Non-cash
general & administrative costs
|
1 093 | 3 558 | 1 217 | |||||||||
|
Operating
Cash Flow (2)
|
3 810 | 17 009 | 56 373 | |||||||||
|
(1)
|
Net
voyage revenues represents voyage revenues less voyage expenses such as
bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage
revenues is included because certain investors use this data to measure a
shipping company's financial performance. Net voyage revenues is not
required by accounting principles generally accepted in the United States
and should not be considered as an alternative to net income or any other
indicator of the Company's performance required by accounting principles
generally accepted in the United
States.
|
|
(2)
|
Operating
cash flow represents income from vessel operations before depreciation and
non-cash administrative charges. Operating cash flow is included because
certain investors use this data to measure a shipping company's financial
performance. Operating cash flow is not required by accounting principles
generally accepted in the United States and should not be considered as an
alternative to net income or any other indicator of the Company's
performance required by accounting principles generally accepted in the
United States.
|
7 of
8
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,”
“anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“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. We undertake
no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise.
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-hire, failure on the part of a seller to
complete a sale to us and other important factors described from time to time in
the reports filed by the Company with the Securities and Exchange Commission,
including the prospectus and related prospectus supplement, our Annual Report on
Form 20-F, and our Reports on Form 6-K.
Contacts:
Scandic
American Shipping Ltd
Manager
for:
Nordic
American Tanker Shipping Limited
P.O Box
56, 3201 Sandefjord, Norway
Tel: + 47
33 42 73 00 E-mail: nat@scandicamerican.com
Rolf
Amundsen, Investor Relations
Nordic
American Tanker Shipping Limited
Tel: +1
800 601 9079 or + 47 908 26 906
Gary J.
Wolfe
Seward
& Kissel LLP, New York, USA
Tel: +1
212 574 1223
Turid M.
Sørensen, CFO
Nordic
American Tanker Shipping Limited
Tel: +
47 33 42 73 00 or + 47 905 72 927
Herbjørn
Hansson, Chairman and Chief Executive Officer
Nordic
American Tanker Shipping Limited
Tel:
+1 866 805 9504 or + 47 901 46 291
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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
9, 2009
|
By:
/s/ Herbjørn
Hansson
|
|
Herbjørn
Hansson
Chairman,
Chief Executive Officer and
President
|