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 February 2006
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Reid House
31 Church Street
Hamilton HM FX
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 the Company's 1st Quarter 2005 Results. The purpose of
this Report on Form 6-K is to set out separately the Company's interim results
for the period ending March 31, 2005 which were previously made available by way
of a link to the Company's website in the Company's press release of April 29,
2005, which was filed with the SEC on Form 6-K on May 4, 2005.
NORDIC AMERICAN TANKER SHIPPING LTD.(NAT)
Amounts in USD '000
===============================================================================================
Twelve Months
CONDENSED STATEMENTS Three Months Ended Ended
OF OPERATION ======================================= =============
March 31, March 31, December 31, December 31,
2005 2004 2004 2004
(unaudited)
===============================================================================================
NET VOYAGE REVENUE 16,150 17,414 22,711 62,526
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OPERATING EXPENSES
Vessel operating expenses (1,512) 0 (1,818) (1,977)
Depreciation (2,702) (1,708) (1,795) (6,918)
General and administrative (4,477) (320) (9,699) (10,851)
-----------------------------------------------------------------------------------------------
(8,691) (2,028) (13,312) (19,746)
-----------------------------------------------------------------------------------------------
Income from vessel operation 7,459 15,386 9,399 42,780
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OTHER ITEMS
Interest income 328 12 101 142
Interest expense (331) (444) (708) (2,106)
-----------------------------------------------------------------------------------------------
(3) (432) (607) (1,964)
-----------------------------------------------------------------------------------------------
NET INCOME 7,456 14,954 8,792 40,816
===============================================================================================
Earnings per average number of shares 0.53 1.54 0.79 4.05
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Weighted average number of shares 14,020,761 9,706,606 11,185,664 10,078,391
-----------------------------------------------------------------------------------------------
Common shares outstanding 16,644,496 9,706,606 13,067,838 13,067,838
-----------------------------------------------------------------------------------------------
===========================================================================================
CONDENSED BALANCE SHEETS March 31, March 31, December 31,
2005 2004 2004
===========================================================================================
Cash deposits 33,667 522 30,732
Current assets 7,984 13,804 6,170
Vessels 334,097 126,374 187,301
-------------------------------------------------------------------------------------------
Total Assets 375,748 140,700 224,203
===========================================================================================
Accounts payables and accrued liabilities 1,635 51 2,335
Long-term debt 0 30,000 0
Shareholders' equity 374,113 110,649 221,868
-------------------------------------------------------------------------------------------
Total liablilities and shareholders' equity 375,748 140,700 224,203
===========================================================================================
===============================================================================================
Twelve Months
CONDENSED STATEMENTS OF Three Months Ended Ended
CASH FLOW ====================== ==============
March 31, March 31, December 31,
2005 2004 2004
===============================================================================================
OPERATING ACTIVITIES
-----------------------------------------------------------------------------------------------
Net cash from Operating Activitites 11,442 11,118 62,817
-----------------------------------------------------------------------------------------------
FINANCING ACTIVITIES 162,161 0 112,138
Net proceeds from sale of Common Stock
Repayment of debt 0 0 (30,000)
Loan facility costs 0 0 (1,456)
Dividends paid (21,170) (11,162) (47,196)
-----------------------------------------------------------------------------------------------
Net Cash provided by (used for) Financing Activities 140,991 (11,162) 33,486
-----------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Investment in Vessels (149,498) 0 (66,137)
-----------------------------------------------------------------------------------------------
Net cash used by investing activitites (149,498) 0 (66,137)
-----------------------------------------------------------------------------------------------
Net Increase in Cash and Cash Equivalents 2,935 (44) 30,166
Beginning Cash and Cash Equivalents 30,732 566 566
-----------------------------------------------------------------------------------------------
Ending Cash and Cash Equivalents 33,667 522 30,732
===============================================================================================
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," "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. 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-hires 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 supplements and 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: nat@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
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: February 24, 2006 By: /s/ Herbjorn Hansson
--------------------
Herbjorn Hansson
Chairman, Chief Executive Officer
and President
SK 01318 0002 647153