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 March 2006
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Reid House
31 Church Street
Hamilton HM FX
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 the press release issued by
Nordic American Tanker Shipping Limited (the "Company") on March 9, 2006,
announcing the pricing of its follow-on offering.
Exhibit 1
Nordic American Tanker Shipping Ltd. (NAT)-(NYSE:NAT)
Announces pricing of follow-on offering.
Hamilton, Bermuda, March 9, 2006
Nordic American Tanker Shipping Ltd. (the "Company") today announced that its
follow-on offering of 3,750,000 common shares has been priced at $28.50 per
share. The common shares are being offered pursuant to the Company's effective
shelf registration statement. Bear, Stearns & Co. Inc. and UBS Investment Bank
are acting as joint bookrunning managers and DnB NOR Markets, Inc. is acting as
a co-manager. The Company has also granted the underwriters an option to
purchase up to an additional 562,500 common shares to cover any over-allotments,
exercisable within 30 days. The Company expects to close the sale of the common
shares on March 14, 2006, subject to customary closing conditions.
The net proceeds of this offering are expected to be used to finance the
acquisition of the Company's ninth Suezmax tanker which is expected to be
delivered in early April and an additional tanker that the Company is presently
planning to acquire later this year, in line with the Company's policy of
maintaining indebtedness in the region of $15 million per vessel in current
market conditions. Any remaining balance may be used for general corporate
purposes, including repaying future indebtedness and any future vessel
acquisitions.
The offering is being made only by means of a prospectus and related prospectus
supplement. A prospectus and the related prospectus supplement related to the
offering will be filed with the U.S. Securities and Exchange Commission. Copies
of the prospectus relating to the offering may be obtained from the offices of
Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, New York 10179,
Attention: Prospectus Department and UBS Investment Bank at 299 Park Avenue, New
York, New York 10171, Attention: Syndicate Desk.
About the Company
The Company is an international tanker company that owns eight modern
double-hull Suezmax tankers of which seven are on spot charters or spot market
related charters. The Company expects to take delivery of the additional Suezmax
tanker that it has agreed to purchase in early April 2006.
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: March 9, 2006 By: /s/ Herbjorn Hansson
-------------------------
Herbjorn Hansson
Chairman, Chief Executive Officer
and President
01318 0002 650841