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 2007
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.
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]
If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
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 (the “Company”) on November 5, 2007, announcing the
Company’s new acquisitions and its dividend and earnings in respect of the third
quarter of 2007.
Exhibit
1
 |
Nordic
American Tanker Shipping Ltd. (NYSE:NAT) – Announces New Acquisitions
and
Dividend and Earnings in Respect of the 3rd Quarter of
2007
Hamilton,
Bermuda, November 5th, 2007
Nordic
American Tanker Shipping Limited (the “Company”) is pleased to announce that the
Company has agreed to acquire two suezmax newbuildings which are expected to
be
delivered in 4Q09 and by end April 2010, respectively. The vessels will be
built
by a first class Chinese shipyard. The sellers are subsidiaries of First Olsen
Ltd. and the agreed all inclusive price at delivery is $90m per vessel,
including calculated predelivery interests and supervision expenses. The
acquisitions will be financed by borrowings under the Company’s $500m Credit
Facility. There are no plans to have a stock issue in connection with these
transactions. The outlays during construction will not impact earnings and
dividends. The delivery of the newbuildings will increase the Company’s fleet to
14 modern double hulled suezmax tankers and enhance the Company’s earnings and
dividend capacity.
The
Company today also announced its results for the 3rd quarter of
2007. Despite a weak spot market in 3Q07, which we have communicated to the
investor market earlier, and loss of income (117 days in 3Q07) due to
drydockings and steel replacements, the Company’s operating cash flow has
enabled the Company to declare a dividend of $0.40 per share for the quarter.
An
improvement of the spot tanker market has taken place in the beginning of
November. The Company has now declared a dividend for 41 consecutive
quarters since the autumn of 1997 when our first three vessels were
delivered. For the last four quarters, including the dividend to be
paid for 3Q07, a total of $3.81 has been declared in dividends, which
represents 10.4% of the average daily share price over the same period. For
ten
consecutive years the Company’s dividend yield has been above
10%.
Highlights:
|
·
|
Our
fleet will consist of 14 double hull suezmax tankers following delivery
of
the acquisitions announced today. In the autumn of 2004 the Company
had
three suezmax tankers.
|
|
·
|
The
Board of Directors has declared a dividend of $0.40 per share for
the
3rd quarter
of 2007.
|
|
·
|
The
dividend is expected to be paid on December 4th,
2007, to
shareholders of record as of November 21st,
2007.
|
|
·
|
Net
income for 3Q07 was -$0.04 per share based on the average number
of shares
outstanding during the quarter of 29,162,088. There are 29,975,312
shares
issued and outstanding as of November 5th,
2007. Loss
of income due to drydocking and steel replacement and other one time
costs, explained later in the message, constitute about $0.17 per
share
for the quarter.
|
|
·
|
In
3Q07 total offhire was 117 days related to planned drydocking, steel
replacements and repairs.
|
|
·
|
During
3Q07 our fleet consisted of 12 modern double hull suezmax
tankers.
|
|
·
|
In
July the Company completed an underwritten public offering of 3.0
million common shares which strengthened the equity with
$120m.
|
|
·
|
The
technical management of our vessels has now been transferred to V.Ships
Norway AS, after which V.Ships is technically managing all the Company’s
vessels, except one which is on long-term bareboat charter. The
announced consolidation of our technical functions is thereby
completed.
|
|
·
|
The
consolidation of our commercial operations is expected to continue
during
the first part of 2008.
|
|
·
|
Several
shipping companies have decided to convert single hull oil tankers
into
dry cargo vessels. This will reduce the supply of
tankers.
|
Dividends
per Share, Earnings per Share and Financial
Information:
Reflecting
the significant volatility in the spot market rates, operating cash
flow(1) was
$13.8m for 3Q07, compared to $34.6m for 2Q07 and $29.7m for 3Q06.
The
Board has declared a dividend of $0.40 per share in respect of 3Q07. This
compares with a dividend of $1.17 per share for 2Q07. The
dividend for 3Q06 was $1.32 per share.
Net
income for 3Q07 was -$1.2m, or -$0.04per share (EPS). This compares
to a net income of $20.9m or $0.78 per share for 2Q07. In 3Q06, net income
was
$20.3m, or $0.97 per share. In 3Q07 the Company incurred one time
costs equivalent to $0.17 per share due to loss of income following the
drydocking of two vessels, steel repairs and stock based compensation to the
Manager under the management contract in connection with the offering in July
2007.
We
continue our strong focus on keeping operating costs of our vessels at a low
level. Furthermore, our general and administrative costs per day per ship
are at a low level compared with other listed shipping companies. However,
we
note the continuing upward pressure across the shipping industry on vessel
operating costs – above all related to crewing costs, lubricating oil costs and
repair and maintenance costs.
The
financing of the newbuildings as reported above, is not expected to impact
dividend payments to shareholders nor earnings in the period up to delivery
of
the vessels. A deposit of 10% of the purchase price will be paid in November
2007. Further payments will be made in the autumn of 2008, in 2009
and at the time of delivery of the vessels.
The
Company is not involved in freight or interest derivatives.
The
position of NAT was significantly strengthened in July following the closing
of
a public offering of 3,000,000 common shares. This offering was a so-called
block transaction, whereby the newly issued shares were bought at a mutually
agreed upon fixed price by the investment banks of Bear Stearns and Morgan
Stanley, which subsequently placed the shares in the market. The net
proceeds of the offering were used to repay debt on our revolving credit
facility and to prepare for further expansion. The offering strengthened
the equity of the Company with $120m.
We
estimate that our average cash breakeven for our fleet of 12 vessels is
approximately $9,500 per day per vessel. When the freight market
is above this level, the Company can be expected to pay dividends based on
its
strategy. The breakeven rate is the amount of average daily revenues for our
vessels which would cover our vessel operating expenses, voyage expenses, if
any, cash general and administrative expenses, interest expense and other
financial charges.
At
the end of 3Q07, our net debt was approximately $6.0m per vessel or $71.7m
in
total. At the same time we have approximately $422 million undrawn under
our $500 million revolving credit facility with maturity in
2010. There is no repayment obligation during the term of the
facility, and the Company pays interest only on drawn amounts, and a commitment
fee for undrawn amounts.
One
of our vessels is expected to undergo a 10-year special survey and steel
improvement with expected loss of income of about 60 days in 4Q07. The costs
of
the extra steel investments are not expected to impact dividends going forward
and will be depreciated as capital costs. When the steel replacement has been
made on this vessel we should not expect that the same type and amount of
steelwork will be required on any of the other vessels in connection with
scheduled drydockings.
For
further details on our financial results, please see later in this
release.
The
Fleet:
Eleven
of the Company’s 12 vessels are trading in the spot market or on spot related
terms, while 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
3Q07,
we
also
had
12 vessels in operation.
With the two
newbuildings announced today, the Company will have 14
vessels.
|
Vessel
|
Dwt
*
|
Employment
|
|
Gulf
Scandic
|
151,475
|
Long
term fixed charter
|
|
Nordic
Hawk
|
151,475
|
Spot
|
|
Nordic
Hunter
|
151,400
|
Spot
|
|
Nordic
Voyager
|
149,591
|
Spot
|
|
Nordic
Fighter
|
153,328
|
Spot
|
|
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
|
|
Nordic
Moon
|
159,999
|
Spot
|
|
Nordic
Apollo
|
159,999
|
Spot
|
|
Newbuilding
|
163,000
|
Delivery
4Q09
|
|
Newbuilding
|
163,000
|
Delivery
by end April 2010
|
|
Total
|
2,194,791
|
|
|
*Scantling
draft is the maximum draft at which a vessel complies with the governing
strength requirements of classification
societies
|
We
are currently a member of several tanker pools. We expect that a consolidation
will take place in this sector after which the Company is expected to be member
of two pools. This is expected to create synergies through economies of scale,
resulting in a positive impact on our overall results. At the same time we
have
decided to simplify and consolidate our technical operating functions. V.Ships
Norway AS is now managing 11 of our vessels compared with five vessels earlier
this year. The changeover has resulted in one-time costs, but going forward
the
consolidation will facilitate more efficient crew rotation and economies of
scale among our vessels.
The
Market:
The
average spot market rate for modern suezmax tankers, according to the
Imarex Tanker Index, was $17,645 per day for 3Q07 compared to
$34,174 per day during 2Q07. The average rates for our spot vessels were
about $24,600 per day net to us. We expect that freight rates may continue
to
fluctuate significantly. A certain improvement of the spot market has taken
place as we enter the month of November.
The
world’s suezmax fleet stood at 352 vessels at the end of the 3Q07, compared
to 351 vessels at the end of 2Q07. Twenty-two new vessels were
delivered during the first nine months of 2007 while nine vessels were
scrapped. A further four vessels are scheduled to be delivered from
the shipyards in 4Q07, while the total suezmax orderbook stood at
133 vessels at the end of the September 2007. At the same time,
55 vessels were single hull. The single hull vessels are expected to be
phased out from the tanker trade by 2010 due to international legislative
changes. We believe that this development is advantageous for our Company,
which
owns only double hull tankers. Following the strength of the offshore oil
industry and the dry cargo market, both single hull suezmax tankers and very
large crude carriers are being withdrawn from the tanker market as they are
converted to other purposes – such as offshore vessels and dry bulk carriers.
Since January 2006 and up to end 2007 about 10 million dwt of tanker tonnage
are
scheduled for conversion to non tanker purposes. This development impacts
the tonnage balance positively, with the equivalent of a deletion of more than
50 suezmax tankers or about 35 very large crude carriers (or some combination
of
these) from the world tanker fleet.
Going
forward, deliveries of new tankers from shipyards over the next few years can
be
estimated with a high degree of certainty. The shipyards are expected
to operate at more or less full capacity with their present orderbooks, and
new
orders placed for suezmax tankers are typically for delivery in 2011 or
later.
The
tanker market in the longer term is essentially a function of supply and demand
for tanker tonnage. In addition to the supply of new vessels from the ship
yards, adjusted for phasing out single hull tonnage and for other deletions,
the
level of the tanker market in the foreseeable future is above all dependent
on
the development of the world economy.
Strategy
going forward:
The
operations of the Company are based on its unique and transparent operating
model. A full dividend payout policy with high spot market exposure and a strong
balance sheet should provide for a competitive yield compared with other
shipping companies.
We
focus on a cost effective management of the Company, both in regard to the
operating expenses of the vessels and general and administrative
expenses.
The
Company’s exposure to the spot market is based on our analysis showing that the
spot market over time can be expected to produce higher revenues on average
than
the time charter market. A certain amount of term charter coverage is also
being contemplated from time to time.
The
main objective of the Company is to maximize its total return(2) for shareholders
via a transparent, predictable and simple strategic
platform.
*
*
* * *
________________________
|
(1)
|
Operating
cash flow is a non-GAAP financial term often used by investors to
measure
financial performance of shipping companies. Operating cash
flow represents income from vessel operations before depreciation
and
non-cash administrative charges. Please see page 6 for a
reconciliation of this non-GAAP measure as used in this release to
the
most directly comparable GAAP financial
measure.
|
|
(2)
|
The
total return is based on the price for our common shares plus dividends
reinvested in our common
shares.
|
NORDIC
AMERICAN TANKER SHIPPING LIMITED
Amounts
in USD ‘000
|
CONDENSED
STATEMENTS OF OPERATION
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||||||
|
Sep.
30, 2007
(unaudited)
|
Jun.
30, 2007
(unaudited)
|
Sep.
30, 2006
(unaudited)
|
Sep.
30, 2007
(unaudited)
|
Sep.
30, 2006
(unaudited)
|
||||||||||||||||
|
NET
VOYAGE REVENUE
|
24,077
|
44,324
|
36,547
|
113,005
|
101,079
|
|||||||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||
|
Vessel
operating expenses
|
(8,722 | ) | (8,237 | ) | (5,706 | ) | (24,261 | ) | (14,998 | ) | ||||||||||
|
Depreciation
|
(10,520 | ) | (10,422 | ) | (7,257 | ) | (31,129 | ) | (20,798 | ) | ||||||||||
|
General
and administrative costs
|
(4,048 | )* | (1,857 | ) | (1,549 | )* |
(7,485
|
) ** | (7,561 | )** | ||||||||||
| (23,290 | ) | (20,516 | ) | (14,512 | ) | (62,875 | ) | (43,357 | ) | |||||||||||
|
Income
from vessel operation
|
787
|
23,808
|
22,035
|
50,130
|
57,722
|
|||||||||||||||
|
Interest
income
|
316
|
193
|
118
|
701
|
640
|
|||||||||||||||
|
Interest
expense
|
(2,282 | ) | (3,099 | ) | (1,831 | ) | (8,300 | ) | ||||||||||||
| (1,966 | ) | (2,906 | ) | (1,713 | ) | (7,599 | ) | (4,073 | ) | |||||||||||
|
NET
INCOME
|
(1,179 | ) |
20,902
|
20,322
|
4,531
|
53,649
|
||||||||||||||
|
Earnings
per average number of shares
|
(0.04 | ) |
0.78
|
0.97
|
1.54
|
2.71
|
||||||||||||||
|
Weighted
average number of shares
|
29,162,088
|
26,914,088
|
26,046,400
|
27,671,657
|
19,825,910
|
|||||||||||||||
|
Common
shares outstanding
|
29,975,312
|
26,914,088
|
26,046,400
|
29,975,312
|
21,046,400
|
|||||||||||||||
*)
The G&A for the three months ended Sep. 30, 2007, Jun. 30, 2007 and Sep.30,
2006 include non-cash charges of $2.5m, $0.4m and $0.4m respectively which
are
charges related to share based compensation and the 2004 Stock Option
Man,
**)
The G&A for the nine months ended Sep. 30, 2007 and 2006 include non-cash
charges of $3.3m and $4.2m respectively which are charges related to share
based
compensation and the 2004 Stock Option Plan.
|
CONDENSED
BALANCE SHEETS
|
Sep.
30, 2007
|
Sep.
30, 2006
|
Dec.
31, 2006
|
|||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||
|
Cash
deposits
|
5,795
|
17,409
|
11,729
|
|||||||||
|
Accounts
receiveable
|
18,053
|
6,914
|
13,416
|
|||||||||
|
Other
current assets
|
15,078
|
46,416
|
19,333
|
|||||||||
|
Vessels
|
738,266
|
512,846
|
752,478
|
|||||||||
|
Other
long term assets
|
2,852
|
1,077
|
3,224
|
|||||||||
|
Total
Assets
|
780,044
|
584,662
|
800,180
|
|||||||||
|
Accounts
payable
|
9,450
|
2,186
|
3,006
|
|||||||||
|
Accrued
liabilities
|
10,894
|
10,996
|
11,728
|
|||||||||
|
Long-term
debt
|
77,500
|
115,000
|
173,500
|
|||||||||
|
Shareholders'
equity
|
682,200
|
456,480
|
611,946
|
|||||||||
|
Total
liabilities and shareholders' equity
|
780,044
|
584,662
|
800,180
|
|||||||||
|
Nine
months ended
|
Twelve
Months Ended
|
|||||||||||
|
CONDENSED
STATEMENTS
OF
CASH FLOW
|
Sep.
30, 2007
(unaudited)
|
Sep.
30, 2006
(unaudited)
|
Dec.
31, 2006
|
|||||||||
|
OPERATING
ACTIVITIES
|
||||||||||||
|
Net
cash from Operating Activities
|
70,819
|
85,338
|
106,613
|
|||||||||
|
FINANCING
ACTIVITIES
|
||||||||||||
|
Net
proceeds from sale of Common Stock
|
119,757
|
114,801
|
288,357
|
|||||||||
|
Proceeds
from use of Credit Facility
|
27,000
|
101,000
|
274,500
|
|||||||||
|
Repayment
of debt
|
(123,000 | ) | (116,000 | ) | (231,000 | ) | ||||||
|
Loan
facility costs
|
(14 | ) |
0
|
(591 | ) | |||||||
|
Dividends
paid
|
(95,359 | ) | (87,065 | ) | (122,590 | ) | ||||||
|
Net
Cash provided by (used for) Financing Activities
|
(71,616 | ) |
12,736
|
208,676
|
||||||||
|
INVESTING
ACTIVITIES
|
||||||||||||
|
Investment
in Vessels
|
(5,137 | ) | (94,905 | ) | (317,800 | ) | ||||||
|
Net
cash used by investing activities
|
(5,137 | ) | (94,905 | ) | (317,800 | ) | ||||||
|
Net
Increase in Cash and Cash Equivalents
|
(5,934 | ) |
3,169
|
(2,511 | ) | |||||||
|
Beginning
Cash and Cash Equivalents
|
11,729
|
14,240
|
14,240
|
|||||||||
|
Ending
Cash and Cash Equivalents
|
5,795
|
17,409
|
11,729
|
|||||||||
NORDIC
AMERICAN TANKER SHIPPING LIMITED
Reconciliation
of non-GAAP financial measures
(Amounts
in USD '000)
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||
|
Sep.
30 ,2007
|
Jun.
30, 2007
|
Mar.
31, 2006
|
Sep.
30, 2007
|
Sep.
30, 2006
|
||||||||||||||||
|
Voyage
revenue
|
34,097
|
54,666
|
44,599
|
146,813
|
130,378
|
|||||||||||||||
|
Voyage
expenses
|
(10,020 | ) | (10,342 | ) | (8,052 | ) | (33,807 | ) | (29,299 | ) | ||||||||||
|
Net
voyage revenue (1)
|
24,077
|
44,324
|
36,547
|
113,006
|
101,079
|
|||||||||||||||
|
Three
Months Ended
|
||||||||||||
|
Sep.
30, 2007
|
Jun.
30, 2007
|
Sep.
30, 2006
|
||||||||||
|
Income
from vessel operations
|
787
|
23,808
|
22,035
|
|||||||||
|
Depreciation
|
10,520
|
10,422
|
7,257
|
|||||||||
|
Share
Based Compensation/ Stock Option Plan
|
2,522
|
429
|
393
|
|||||||||
|
Operating
Cash Flow (2)
|
13,829
|
34,659
|
29,685
|
|||||||||
(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.
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
Herbjørn
Hansson, Chairman and Chief Executive Officer
Nordic
American Tanker Shipping Limited
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
6, 2007
|
By:
|
/s/
Herbjørn Hansson
|
|
|
Herbjørn
Hansson
|
|||
|
Chairman,
Chief Executive Officer and President
|
SK
01318 0002 826197