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, 2003
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Cedar House
41 Cedar Avenue
Hamilton HMEX
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
Set forth herein is a copy of a letter from the Company dated February
14, 2003, containing certain information relating to the Company's status as a
"Passive Foreign Investment Company" for those shareholders who elect to treat
the Company as a "qualifying electing fund" or "QEF" for United States income
tax purposes.
ADDITIONAL INFORMATION
BP Amoco 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.
[NATS LOGO]
Nordic American
Tanker Shipping Limited
Cedar House
41 Cedar Avenue
P.O. Box HM 1179
Hamilton HM EX, Bermuda
February 14, 2003
TO: The Shareholders of Nordic
American Tanker Shipping Limited
That Are United States Taxpayers
As you are aware, Nordic American Tanker Shipping Limited ("Nordic
American") is a "Passive Foreign Investment Company" ("PFIC") for United States
federal income tax purposes. The following is a PFIC annual information
statement for the taxable year of Nordic American beginning on January 1, 2002
and ending on December 31, 2002. This statement is being provided so that you
may report your pro rata share of Nordic American's income in the event that you
have elected to treat Nordic American as a "qualified electing fund" ("QEF")
under the applicable provisions of the United States Internal Revenue Code.
You should keep this statement in your records but do not need to
attach this statement to your IRS Form 8621, "Return by a Shareholder of a
Passive Foreign Investment Company or Qualified Electing Fund". In order to
assist you in completing Form 8621, the address of Nordic American is: Cedar
House, 41 Cedar Avenue, Hamilton HM EX, Bermuda.
PFIC Annual Information Statement
1. This Information Statement applies to the taxable year of Nordic American
Tanker Shipping Limited ("Nordic American") beginning on January 1, 2002
and ending on December 31, 2002 (the "Taxable Year").
2. (i) Your pro rata share of the ordinary earnings of Nordic American for
the Taxable Year may be determined as follows:
(a) If you owned the same number of Nordic American shares from
January 1, 2002 through December 31, 2002, multiply the number of
such Nordic American shares by $0.634619.
(b) If you did not own Nordic American shares for the entire period
beginning January 1, 2002 and ending December 31, 2002, multiply
the number of shares that you owned by $0.634619, divide the
result by 365, and multiply by the number of days during 2002
that you held such shares.(1)
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(1) For example, if you acquired 100 shares on July 1, 2002 and held them
throughout the remainder of 2002, your pro rata share of Nordic American's
ordinary earnings would be $31.99 (i.e., 100 x $0.634619 x 184/365).
(c) If you owned different numbers of Nordic American shares at
different times during 2002, perform the calculation specified in
(b) above separately for each lot of shares owned.
(ii) Your pro rata share of the net capital gain of Nordic American for the
Taxable Year is zero.
3. The amount of cash and the fair market value of other property distributed
or deemed distributed by Nordic American during the Taxable Year is as
follows:
Cash: See note(2)
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(2) On February 15, 2002, Nordic American made a distribution of $0.36 per
share to shareholders of record on January 25, 2002. On May 15, 2002,
Nordic American made a distribution of $0.34 per share to shareholders of
record on April 26, 2002. On August 15, 2002, Nordic American made a
distribution of $0.33 per share to shareholders of record on July 26, 2002.
On November 15, 2002, Nordic American made a distribution of $0.32 per
share to shareholders of record on October 25, 2002. The total amount of
the distributions exceeded the sum of Nordic American's earnings and
profits for the Taxable Year and Nordic American's earnings and profits
accumulated in prior years. Accordingly, 47.01% of each distribution is a
dividend, and 52.99% of each distribution is a return of capital.
Fair Market Value of Property: 0
4. Nordic American will permit you to inspect and copy Nordic American's
permanent books of account, records, and such other documents as may be
maintained by Nordic American to establish that Nordic American's ordinary
earnings and net capital gain are computed in accordance with U.S. income
tax principles and to verify these amounts and your pro rata shares
thereof.
NORDIC AMERICAN TANKER
SHIPPING LIMITED
Date: February 14, 2003 By: /s/ Herbjorn Hansson
------------------------------------
Name: Herbjorn Hansson
Title: Chairman
THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST THOSE SHAREHOLDERS WHO HAVE MADE
A QEF ELECTION WITH RESPECT TO NORDIC AMERICAN IN MAKING CERTAIN PFIC
CALCULATIONS AND DOES NOT CONSTITUTE TAX ADVICE. THOSE SHAREHOLDERS ARE ADVISED
TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE OVERALL TAX CONSEQUENCES OF THE
OWNERSHIP OF COMMON SHARES ARISING IN THEIR OWN PARTICULAR SITUATIONS UNDER
UNITED STATES FEDERAL, STATE, LOCAL OR FOREIGN LAW.
01318.0002 #384989
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 14, 2003 By: /s/ Herbjorn Hansson
-----------------------------------
Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #384997