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 2005
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Canon's 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 a press release issued by Nordic
American Tanker Shipping Limited (the "Company") on November 7, 2005 announcing
the delivery of the new vessel.
Exhibit 1
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Nordic American Tanker Shipping Ltd. (NAT) - (NYSE: NAT) Now Eight Vessels are
in Service
Hamilton, Bermuda, November 7, 2005
Expansion of the Fleet
----------------------
Nordic American Tanker Shipping Ltd. (the "Company") today announced that the
Company has taken delivery of the suezmax vessel that it agreed to acquire in
September 2005, thereby increasing the fleet from seven to eight suezmax
vessels. The 1998 built suezmax has been named Nordic Saturn and was taken over
today, November 7, 2005.
As of today the vessel is employed as a member vessel in the Gemini Tankers
Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation
(the seller of the ship), thus increasing the Company's ships with spot market
exposure from six to seven units. The Company's remaining vessel is employed on
a long term contract.
Spot Market Indications
-----------------------
In connection with this announcement about the addition to the fleet, we take
the opportunity to provide information on the recent developments in suezmax
spot market rates. According to the spot assessment of The Imarex Tanker Index,
which gives an indication of the level of the spot market, suezmax spot rates
were on average $54,295 during October 2005. As a comparison, during the third
quarter of 2005 the spot Imarex suezmax rates were on average $24,677 per day.
As of November 4th the Imarex index for spot suezmax vessels stood at $63,709
per day.
In the past, the spot market has, over time, yielded a better return than the
fixed rate market. A strong balance sheet and a low cash break-even level enable
us to maintain a high spot market exposure. While spot rates are volatile, and
could rise, fall or remain at the present levels, the growth of the fleet
increases the earnings potential 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," "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 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 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: November 7, 2005 By: /s/ Herbjorn Hansson
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Herbjorn Hansson
Chairman and
Chief Executive Officer
01318.0002 #615758