Commission File No. 1-13944
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 2002
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
Attached as Exhibit 1 is a copy of a PFIC Annual
Information Statement distributed by Nordic American Tanker
Shipping Limited to its U.S. shareholders containing tax
information that those shareholders may need in order to make a
"QEF" election.
ADDITIONAL INFORMATION
BP Amoco p.l.c., the successor company to the merger
between Amoco Corp. and The British Petroleum Company p.l.c.
files annual reports on Form 20-F and periodic reports on Form
6-K with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
2
LOGO
NORDIC AMERICAN TANKER SHIPPING LIMITED
Cedar House
41 Cedar Avenue
P.O. Box HM 1179
Hamilton HM EX, Bermuda
February 12, 2002
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, 2001 and
ending on December 31, 2001. 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.
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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, 2001 and ending on December 31,
2001 (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, 2001 through December 31,
2001, multiply the number of such Nordic American
shares by $1.722052.
(b) If you did not own Nordic American shares for the
entire period beginning January 1, 2001 and ending
December 31, 2001, multiply the number of shares
that you owned by $1.722052, divide the result by
365, and multiply by the number of days during
2001 that you held such shares.*
(c) If you owned different numbers of Nordic American
shares at different times during 2001, 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**
____________________
* For example, if you acquired 100 shares on July 1, 2001
and held them throughout the remainder of 2001, your pro
rata share of Nordic American's ordinary earnings would be
$86.81 (i.e., 100 x $1.722052 x 184/365).
** On February 15, 2001, Nordic American made a distribution
of $1.41 per share to shareholders of record on
January 26, 2001. On May 15, 2001, Nordic American made a
distribution of $1.19 per share to shareholders of record
on April 26, 2001. On August 15, 2001, Nordic American
made a distribution of $0.72 per share to shareholders of
(footnote continued)
4
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 12, 2002 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.
____________________
(footnote continued)
record on July 27, 2001. On November 15, 2001, Nordic
American made a distribution of $0.55 per share to
shareholders of record on October 26, 2001. 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, 45.47% of the February
distribution is a dividend and 54.53% of the distribution
is a non-taxable return of capital. With respect to each
of the other three distributions, 44.50% of the
distribution is a dividend and 55.50% of the distribution
is a non-taxable return of capital.
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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 27, 2002 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.BA5