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
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of March 2009
Commission
File Number: 001-13944
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NORDIC
AMERICAN TANKER SHIPPING LIMITED
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(Translation
of registrant’s name into English)
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LOM
Building, 27 Reid Street, Hamilton, HM 11, Bermuda
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(Address
of principal executive office)
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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 letter to shareholders from Herbjorn Hansson, Chairman and CEO
of Nordic American Tanker Shipping Limited, issued on March 4,
2009.
Exhibit 1
Nordic American Tanker Shipping Ltd.
(NYSE:NAT) – Letter to Shareholders from the Chairman &
CEO
Hamilton, Bermuda, March 4, 2009
Dear
Shareholder,
Shareholders
often contact us to learn more about the situation of the Company. This is
especially so given the current volatile state of the international financial
markets. Therefore, I am writing this message to you – my last message to you
was on October 13, 2008.
In
short, the Company is in a very good position:
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strong
balance sheet, with no net debt and a credit line of $500 million which
offers the Company financial
flexibility
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low
cash breakeven
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full
pay out dividend model
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We
often receive questions about our dividend. We have a full pay out policy
and the Company has paid a dividend for 46 consecutive quarters since the autumn
of 1997 when the first three vessels were delivered to the Company and commenced
operations.
We
estimate that our cash break-even for our trading fleet of 13 vessels is below
$10,000 per day per vessel. When the spot suezmax tanker rates are above
this level, the Company can be expected to pay a dividend. The break-even rate
is the amount of average daily revenues for our vessels in the spot market which
would cover our vessels operating expenses, voyage expenses, if any, cash
general and administrative expenses, interest expense and other financial
charges. This cash break-even rate is very low compared with other companies in
the industry.
The
amount of dividend 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.
For the whole year 2008, the Company’s dividend was $5.26. Following the equity
offering in January this year, the Company has 37,893,679 shares
outstanding.
In
the Company’s Q4 2008 report to shareholders on February 13 this year, the Board
of NAT reiterated that the Company is committed to continuing its full pay out
dividend policy.
So
far into the first quarter of 2009, at the time of this writing, we observe a
spot suezmax tanker market which on average is about at the same level as the
fourth quarter of 2008. The average rates for our vessels were about $40,000 per
day during the fourth quarter. As a matter of policy, we do not predict short
term spot rates for tankers, above all, because short term freight rates are
notoriously difficult to predict.
NAT
is ready for expansion when the time is right.
We
thank you for your continued interest in NAT. Our dividend policy remains the
same as in the past. The Company is positioned to reap the benefits in a strong
freight market and to withstand any pressure in a weaker
environment.
Sincerely,
Herbjorn
Hansson
Chairman
& CEO
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 harbour 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 harbour provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour 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, dry-docking 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 Sand fjord, 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
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)
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Dated: March
5, 2009
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By:
/s/ Herbjørn
Hansson
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Herbjørn
Hansson
Chairman,
Chief Executive Officer and
President
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SK 01318 0002
972690