UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 20-F
(Mark One)
[_]        REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                                      OR

[X]             ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended December 31, 2002

                                      OR

[_]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                For the transition period from ______ to ______

                        Commission file number 1-13944

                    NORDIC AMERICAN TANKER SHIPPING LIMITED
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            (Exact name of Registrant as specified in its charter)

                              ISLANDS OF BERMUDA
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                (Jurisdiction of incorporation or organization)

                                  Cedar House
                                41 Cedar Avenue
                                Hamilton HM EX
                                    Bermuda

                   (Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the
Act.

                                                  NAME OF EACH EXCHANGE
               TITLE OF EACH CLASS                 ON WHICH REGISTERED

                  Common Shares                  American Stock Exchange
               -------------------              ------------------------

Securities registered or to be registered pursuant to Section 12(g) of the
Act:      None

Securities for which there is a reporting obligation pursuant to Section 15(d)
of the Act:    None

Indicate the number of outstanding shares of each of the issuer's classes of
capital or common stock as of the close of the period covered by the annual
report.

Common Shares, par value $0.01                  9,706,606

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                                Yes |X| No |_|

Indicate by check mark which financial statement item the Registrant has
elected to follow.

                              Item 17 |X| Item 18
<PAGE>

                               TABLE OF CONTENTS

                                                                          PAGE
PART I
     Item 1.  Identity of Director, Senior Management and Advisor ...........5
     Item 2.  Offer Statistics and Expected Timetable .......................5
     Item 3.  Key Information ...............................................5
              A. Selected Financial Data ....................................5
              B. Capitalization and Indebtedness ............................7
              C. Reasons for the Offer and Use of Proceeds ..................7
              D. Risk Factors ...............................................7
     Item 4.  Information on the Company ...................................13
              A. History and Development ...................................13
              B. Business Overview .........................................14
              C. Organizational Structure ..................................19
              D. Property, Plant and Equipment .............................19
     Item 5.  Operating and Financial Review and Prospects .................20
              A. Results of Operations .....................................20
              B. Liquidity and Capital Resources ...........................21
     Item 6.  Directors, Senior Management and Employees ...................23
              A. Directors and Senior Management ...........................23
              B. Compensation ..............................................24
              C. Board Practices ...........................................24
              D. Employees .................................................25
              E. Share Ownership ...........................................25
     Item 7.  Major Shareholders and Related Party Transactions ............25
              A. Major Shareholders ........................................25
              B. Related Party Transactions ................................25
              C. Interests of Experts and Counsel ..........................26
     Item 8.  Financial Information ........................................26
              A. Consolidated Statements and Other Financial
              Information ..................................................26
     Item 9.  The Offer and Listing ........................................26
              A.4. Market Price Information ................................26
              C. Markets on Which our Shares Trade .........................27
     Item 10. Additional Information .......................................28
              A. Share Capital .............................................28
              B. Memorandum and Articles of Association ....................28
              C. Material Contracts ........................................29
              D. Exchange Controls .........................................30
              E. Taxation ..................................................30
              F. Dividends and PayingAgents ................................30
              G. Statement by Experts ......................................30
              H. Documents on Display ......................................31
     Item 11. Quantitative and Qualitative Disclosures About Market Risk ...31
     Item 12. Description of Securities other than Equity Securities .......31

Part II
     Item 13. Defaults, Dividend Arrearages and Delinquencies ..............31
     Item 14. Material Modifications to the Rights of Security
              Holders and Use of Proceeds ..................................32
     Item 15. Controls and Procedures ......................................32
     Item 16. [Reserved] ...................................................32

Part III
     Item 17. Financial Statements ........................................F-1
     Item 18. Exhibits ....................................................S-1
<PAGE>

ITEM 1.   IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

          Not Applicable

ITEM 2.   OFFER STATISTICS AND EXPECTED TIMETABLE

          Not Applicable

ITEM 3.   KEY INFORMATION

A. SELECTED FINANCIAL DATA

     The following historical financial information should be read in
conjunction with our audited consolidated financial statements and related
notes all of which are included elsewhere in this document and "Operating and
Financial Review and Prospects." The statements of operations data for each of
the three years ended December 31, 2002, 2001, and 2000 and selected balance
sheet data as of December 31, 2002 and 2001 are derived from our audited
consolidated financial statements included elsewhere in this document. The
statements of operations data for each of the years ended December 31, 1999
and 1998 and selected balance sheet data as of December 31, 2000, 1999 and
1998 are derived from our audited financial statements not included in this
document.
<PAGE>

SELECTED BALANCE SHEET DATA

<TABLE>
<CAPTION>
                                                              December 31,
                              ----------------------------------------------------------------------------
                                  2002            2001            2000            1999            1998
                              ----------------------------------------------------------------------------
<S>                            <C>             <C>             <C>             <C>             <C>
Assets
Cash and Cash Equivalents          277,783         630,868       1,922,925       2,507,017       3,637,758
Accounts Receivable              3,276,523         170,180      10,228,286               0               0
Prepaid Finance Costs               28,955          43,435          57,915          72,395          86,875
Prepaid Insurance                   83,333          70,000          58,333          70,833          83,333
Vessels                        134,912,965     141,744,005     148,575,045     155,406,085     162,237,124
                              ----------------------------------------------------------------------------
Total Assets                   138,579,559     142,658,488     160,842,504     158,056,330     166,045,090
                              ============================================================================

Accounts Payable                       996               0               0               0         675,384
Accrued expenses                 2,016,000         778,000               0               0               0
Accrued Interest                   215,466          38,666          43,500          77,333          43,781
Long-term debt                  30,000,000      30,000,000      30,000,000      30,000,000      30,000,000
                              ----------------------------------------------------------------------------
Total Long-term Liabilities     32,232,462      30,816,666      30,043,500      30,077,333      30,719,165
                              ============================================================================

Shareholders' Equity
Common stock                        97,066          97,066          97,066          97,066          97,066
Accumulated Other
Comprehensive Loss              (2,016,000)       (778,000)              0               0               0
Other Shareholders' Equity     108,266,031     112,522,756     130,701,938     127,881,931     135,228,859
                              ----------------------------------------------------------------------------
Total Shareholders' Equity     106,347,097     111,841,822     130,799,004     127,978,997     135,325,925
                              ============================================================================
Total Liabilities
and Shareholders' Equity       138,579,559     142,658,488     160,842,504     158,056,330     166,045,090
                              ============================================================================

<CAPTION>
SELECTED STATEMENT OF OPERATIONS DATA
                                                        Year Ended December 31,
                              ----------------------------------------------------------------------------
                                  2002            2001            2000            1999            1998
                              ----------------------------------------------------------------------------
<S>                             <C>             <C>             <C>             <C>             <C>
Revenue                         18,057,989      28,359,568      36,577,262      14,782,500      16,006,199
Ship Broker Commissions           (184,781)       (184,781)       (185,288)       (184,781)       (184,781)
Mgmt. Fee and Admin. Exp.         (340,381)       (281,406)       (290,791)       (314,004)       (412,779)
Directors Insurance                (86,667)        (72,333)        (82,500)        (97,500)              0
Depreciation                    (6,831,040)     (6,831,040)     (6,831,040)     (6,831,039)     (6,831,039)
                              ----------------------------------------------------------------------------
Net Operating Income            10,615,120      20,990,008      29,187,643       7,355,176       8,577,600
                              ----------------------------------------------------------------------------
Net Financial Items             (1,767,852)     (1,604,532)     (1,518,677)     (1,580,498)         51,912
                              ----------------------------------------------------------------------------
Net Profit for the Year          8,847,268      19,385,476      27,668,966       5,774,678       8,629,512
                              ============================================================================

Basic Earnings Per Share              0.91            2.00            2.85            0.59            0.73
Diluted Earnings Per Share            0.91            2.00            2.85            0.59            0.73
Cash Dividends
   Declared Per Share                 1.35            3.87            2.56            1.35            1.33
Weighted Average Shares
Outstanding:
   Basic                         9,706,606       9,706,606       9,706,606       9,706,606      11,796,530
   Diluted                       9,706,606       9,706,606       9,706,606       9,706,606      11,796,530
</TABLE>

<PAGE>

B. CAPITALIZATION AND INDEBTEDNESS

          Not Applicable

C. REASONS FOR THE OFFER AND USE OF PROCEEDS

          Not Applicable

D. RISK FACTORS

Industry Specific Risk Factors

THE CYCLICAL NATURE OF THE TANKER INDUSTRY MAY LEAD TO VOLATILE CHANGES IN
CHARTER RATES WHICH MAY ADVERSELY AFFECT THE COMPANY'S EARNINGS

          If the tanker industry, which has been cyclical, is depressed in the
future when the Company's vessels' charters expire or when the Company wants
to sell a vessel, the Company's earnings and available cash flow may decrease.
The Company's ability to recharter its vessels on the expiration or
termination of their current charters and the charter rates payable under any
renewal or replacement charters will depend upon, among other things, economic
conditions in the tanker market. Fluctuations in charter rates and vessel
values result from changes in the supply and demand for tanker capacity and
changes in the supply and demand for oil and oil products.

          The factors affecting the supply and demand for tanker vessels are
outside of the Company's control, and the nature, timing and degree of changes
in industry conditions are unpredictable. The factors that influence demand
for tanker capacity include:

               -    demand for oil and oil products;

               -    global and regional economic conditions;

               -    the distance oil and oil products are to be moved by sea;
                    and

               -    changes in seaborne and other transportation patterns.

          The factors that influence the supply of tanker capacity include:

               -    the number of newbuilding deliveries;

               -    the scrapping rate of older vessels; and

               -    the number of vessels that are out of service.

          The Company's vessels are currently operated under bareboat charters
to BP Shipping Ltd., a wholly owned subsidiary of BP p.l.c. The Company
receives a set minimum base rate charter hire and variable additional hire
under these bareboat charters. The amount of additional hire is determined by
a brokers' panel and therefore is subject to variation depending on general
tanker market conditions. The Company cannot assure you that the Charterer
will pay additional hire for any quarter.

THE VALUE OF THE COMPANY'S VESSELS MAY FLUCTUATE AND ALSO DEPEND ON WHETHER BP
SHIPPING LTD. RENEWS ITS CHARTERS WHICH COULD RESULT IN A LOWER SHARE PRICE

          Tanker values have generally experienced high volatility. Investors
can expect the fair market value of the Company's oil tankers to fluctuate,
depending on general economic and market conditions affecting the tanker
industry and competition from other shipping companies, types and sizes of
vessels, and other modes of transportation. In addition, as vessels grow
older, they generally decline in value. These factors will affect the value of
the Company's vessels at the termination of their charters or earlier at the
time of their sale. It is very possible that the value of the Company's
vessels could be well below both their implied value based on the trading
price for the Company's shares and their present market value without the BP
Shipping Ltd. charters. While the trading price for the Company's shares
depends on many factors, the failure of BP Shipping Ltd. to renew the charters
could result in a lower market price for the Company's shares.

Company Specific Risk Factors

BECAUSE THE COMPANY'S CHARTERS MAY EXPIRE IN 2004, THE COMPANY MAY INCUR
ADDITIONAL EXPENSES AND NOT BE ABLE TO RECHARTER THE COMPANY'S VESSELS
PROFITABLY

          Each of the Company's charters with BP Shipping Ltd. expires
approximately seven years after the date of delivery of each vessel to us,
which could be as early as September 2004, unless extended at the option of
the charterer for seven successive one year periods, on twelve months' prior
written notice. The charterer has the sole discretion to exercise that option
under one or more of the charters. The charterer will not owe any fiduciary or
other duty to the Company or its shareholders in deciding whether to exercise
the extension option, and the charterer's decision may be contrary to the
Company's interests or those of the Company's shareholders.

          The Company cannot predict at this time any of the factors that the
charterer will consider in deciding whether to exercise any of its extension
options under the charters. It is likely, however, that the charterer would
consider a variety of factors, which may include whether a vessel is surplus
or suitable to the charterer's requirements and whether competitive
charterhire rates are available to the charterer in the open market at that
time.

          In the event BP Shipping Ltd. does not extend the Company's current
charters, the Company will present to its shareholders a recommendation by the
Company's Board of Directors as to whether it believes that the sale of the
Company's vessels is in the shareholders' best interests or whether an
alternative plan, such as attempting to arrange a replacement charter, might
be of greater benefit. Replacement charters may include shorter term time
charters and employing the vessels on the spot charter market (which is
subject to greater fluctuation than the time charter market). Any replacement
charters may bring the Company lower charter rates and would likely require
the Company to incur greater expenses which may reduce the amounts available,
if any, to pay distributions to shareholders.

SHIPPING COMPANIES GENERALLY MUST CONDUCT OPERATIONS IN MANY PARTS OF THE
WORLD, AND ACCORDINGLY THEIR VESSELS ARE EXPOSED TO INTERNATIONAL RISKS WHICH
COULD REDUCE REVENUE OR INCREASE EXPENSES.

          Shipping companies conduct global operations. Changing economic,
regulatory and political conditions in some countries, including political and
military conflicts, have from time to time resulted in attacks on vessels,
mining of waterways, piracy, terrorism and other efforts to disrupt shipping.
The terrorist attacks against targets in the United States on September 11,
2001, the military response by the United States and the recent conflict in
Iraq may increase the likelihood of acts of terrorism worldwide. Acts of
terrorism, regional hostilities or other political instability could affect
trade patterns and reduce our revenue or increase our expenses.

TERRORIST ATTACKS, SUCH AS THE ATTACKS ON THE UNITED STATES ON SEPTEMBER 11,
2001, AND OTHER ACTS OF VIOLENCE OR WAR MAY AFFECT THE FINANCIAL MARKETS AND
OUR BUSINESS, RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

          Terrorist attacks such as the attacks on the United States on
September 11, 2001 and the United States' continuing response to these
attacks, as well as the threat of future terrorist attacks, continues to cause
uncertainty in the world financial markets. The recent conflict in Iraq may
lead to additional acts of terrorism and armed conflict around the world,
which may contribute to further economic instability in the global financial
markets, including the energy markets.

          Future terrorist attacks, such as the attack on the m.t. Limburg in
October 2002, may also negatively affect our operations and financial
condition and directly impact our vessels or our customers. Future terrorist
attacks could result in increased volatility of the financial markets in the
United States and globally and could result in an economic recession in the
United States or the world. If the Company's charters with BP Shipping Ltd.
expire, any of these occurrences could have a material adverse impact on our
operating results, revenue, and costs.

THE COMPANY OPERATES IN THE HIGHLY COMPETITIVE INTERNATIONAL TANKER MARKET AND
ITS POSITION COULD BE ADVERSELY AFFECTED IF BP SHIPPING LTD. DOES NOT RENEW
THE COMPANY'S CHARTERS

          The operation of tanker vessels and transportation of crude and
petroleum products and the other businesses in which the Company operates are
extremely competitive. Competition arises primarily from other tanker owners,
including major oil companies as well as independent tanker companies, some of
whom have substantially greater resources. Competition for the transportation
of oil and oil products can be intense and depends on price, location, size,
age, condition and the acceptability of the tanker and its operators to the
charterers. During the term of the Company's existing charters with BP
Shipping Ltd. the Company is not exposed to the risk associated with this
competition. In the event that BP Shipping Ltd. does not renew the charters in
2004, the Company will have to compete with other tanker owners, including
major oil companies as the well as independent tanker companies for
charterers. Due in part to the fragmented tanker market, competitors with
greater resources could enter and operate larger fleets through acquisitions
or consolidations and may be able to offer better prices and fleets, which
could result in the Company's achieving lower revenues from the Company's oil
tankers.

COMPLIANCE WITH ENVIRONMENTAL LAWS OR REGULATIONS MAY ADVERSELY AFFECT THE
COMPANY'S EARNINGS AND FINANCIAL CONDITIONS IF BP SHIPPING LTD. DOES NOT RENEW
ITS CHARTERS

          Regulations in the various states and other jurisdictions in which
the Company's vessels trade affect the Company's business. Extensive and
changing environmental laws and other regulations, compliance with which may
entail significant expenses, including expenses for ship modifications and
changes in operating procedures, affect the operation of the Company's
vessels. Although BP Shipping Ltd. is responsible for all operational matters
and bears all these expenses during the term of the Company's current
charters, these expenses could have an adverse effect on the Company's
business operations at any time after the expiration or termination of a
charter or in the event BP Shipping Ltd. fails to make a necessary payment.

THE COMPANY MAY NOT HAVE ADEQUATE INSURANCE IN THE EVENT EXISTING CHARTERS ARE
NOT RENEWED

          There are a number of risks associated with the operation of
ocean-going vessels, including mechanical failure, collision, property loss,
cargo loss or damage and business interruption due to political circumstances
in foreign countries, hostilities and labor strikes. In addition, the
operation of any vessel is subject to the inherent possibility of marine
disaster, including oil spills and other environmental mishaps, and the
liabilities arising from owning and operating vessels in international trade.
Under the existing charters, BP Shipping Ltd. bears all risks associated with
the operation of the Company's vessels including any total loss of one or more
vessels. However, the Company cannot assure investors that the Company will
adequately insure against all risks in the event the Company's existing
charters are not renewed at the expiration of their terms. The Company may not
be able to obtain adequate insurance coverage at reasonable rates for the
Company's fleet in the future and the insurers may not pay particular claims.

THE COMPANY IS HIGHLY DEPENDENT ON BP SHIPPING LTD. AND BP p.l.c.

          The Company is highly dependent on the due performance by BP
Shipping Ltd. of its obligations under the charters and by its guarantor, BP
p.l.c. Any failure by BP Shipping Ltd. or BP p.l.c. to perform its obligations
could result in enforcement by the Company's lenders of their rights including
foreclosing on the mortgages over the vessels and the outstanding capital
stock of the Company's subsidiaries, all of which are pledged to the lenders,
and all of the subsidiaries' rights in the charters, and the consequent
forfeiture of the Company's vessels. The Company's shareholders do not have
any recourse against BP Shipping Ltd. or BP p.l.c.

          The Company's ability to recharter or sell the vessels if BP
Shipping Ltd. or BP p.l.c. defaults would be subject to the rights of the
lenders and the rights of the lessor under finance leases to which the Company
is a party for its vessels. In addition, if BP Shipping Ltd. were to default
on its obligations under a charter or not exercise its charter extension
option, the Company may be required to change the flagging or registration of
the related vessel and may incur additional costs, including maintenance and
crew costs.

INCURRENCE OF EXPENSES OR LIABILITIES MAY REDUCE OR ELIMINATE DISTRIBUTIONS

          The Company has made distributions quarterly since September 1997,
in an aggregate amount equal to the charterhire received from BP Shipping Ltd.
less the Company's cash expenses and less any reserves required in respect of
any contingent liabilities. It is possible that the Company could incur other
expenses or contingent liabilities that would reduce or eliminate the cash
available for distribution as dividends. In particular, toward the end of the
term of the charters in 2004, the Company is likely to have additional
expenses and may have to set aside amounts for future payments of interest.
The Company's loan agreements prohibit the declaration and payment of
dividends if the Company is in default under them. In addition, the
declaration and payment of dividends is subject at all times to the discretion
of the Company's Board. The Company cannot assure you that the Company will
pay dividends in the amounts anticipated or at all.

THE COMPANY HAS A LIMITED BUSINESS PURPOSE WHICH LIMITS ITS FLEXIBILITY

          The Company's bye-laws limit the Company's business to engaging in
the acquisition, disposition, ownership, leasing and chartering of the
Company's three Suezmax oil tankers. During the terms of the Company's
charters with BP Shipping Ltd. the Company expects that the only source of
operating revenue from which the Company may pay distributions will be from
these charters.

GOVERNMENTS COULD REQUISITION THE COMPANY'S VESSELS DURING A PERIOD OF WAR OR
EMERGENCY, RESULTING IN A LOSS OF EARNINGS

          A government could requisition for title or seize the Company's
vessels. Requisition for title occurs when a government takes control of a
vessel and becomes her owner. Also, a government could requisition the
Company's vessels for hire. Requisition for hire occurs when a government
takes control of a vessel and effectively becomes her charterer at dictated
charter rates. If a vessel is requisitioned for hire from a pre-existing
charterer beyond the scheduled termination date, BP Shipping Ltd. will be
obligated to pay to us only those amounts received by it as charterhire from
the requisitioning entity, less operating costs. This amount could be
materially less than the charterhire that would have been payable otherwise.
In addition, the Company would bear all risk of loss or damage to the vessel
after the charter would otherwise have terminated.

ITEM 4.   INFORMATION ON THE COMPANY

A. HISTORY AND DEVELOPMENT

     Nordic American Tanker Shipping Limited (the "Company") was incorporated
on June 12, 1995, under the laws of the Islands of Bermuda ("Bermuda") for the
purpose of acquiring, disposing, owning, leasing, and chartering three double
hull Suezmax oil tankers (the "Vessels"). The principal executive offices of
the Company are located at: Cedar House, 41 Cedar Avenue, Hamilton HM EX,
Bermuda, telephone number (441) 295-2244.

     Pursuant to an agreement (the "Management Agreement") between the Company
and its manager (the "Manager"), the Manager provides certain management,
administrative and advisory services to the Company. Before May 2003, Ugland
Nordic Shipping AS, or UNS, acted as the Manager. On May 30, 2003, following
approval by the Company's shareholders, the Management Agreement was novated
to Scandic American Shipping Ltd., or Scandic, a company owned by Herbjorn
Hansson, the Company's Chairman and by Andreas Ove Ugland, a director, which
became the Manager.
<PAGE>

B. BUSINESS OVERVIEW

Vessels Owned by the Company

     Each of the Company's Vessels is a 1997 built, 151,459 dwt double hull
Suezmax oil tanker. The purchase price of each Vessel was approximately $56.9
million. The Vessels were delivered between August and December 1997 and have
been designed according to the specifications set forth in the shipbuilding
contracts between the Builder and the Company (the "Shipbuilding Contracts").
The Vessels were built at Samsung Heavy Industries Co. Ltd. in South Korea.

     Each Vessel is registered in the Isle of Man and flies the British flag.

Chartering Operations Commenced on September 30, 1997

     Each Vessel is chartered to BP Shipping Ltd., or the Charterer, pursuant
to separate "hell and high water" bareboat charters (the "Charters"). The
initial term of the Charters is from September 30, 1997 and will end
approximately seven years from that date, subject to extension at the option
of the Charterer for up to seven successive one-year periods. Under each
Charter, the Charterer is required to provide the Company with at least twelve
months' prior notice of each such extension. The Company's dividend policy is
to pay dividends to the shareholders in amounts substantially equal to the
amounts received by it under the Charters, less expenses. In 2001, a portion
of these dividends was considered return of capital for United States federal
income tax purposes.

     The daily charterhire rate payable under each Charter is comprised of two
components: (i) a fixed minimum rate of charterhire of $13,500 per Vessel per
day (the "Base Rate"), paid quarterly in advance, and (ii) additional
charterhire (which will be determined and paid quarterly in arrears and may
equal zero) which would equal the excess, if any, of a weighted average of the
daily time charter rates for two round-trip trade routes traditionally served
by Suezmax tankers (Bonny, Nigeria to/from the Louisiana Offshore Oil Port,
and Hound Point, U.K. to/from Philadelphia, Pennsylvania (the "Reference
Ports")), over the sum of (A) an agreed amount of $8,500 representing daily
operating costs and (B) the Base Rate ("Additional Hire"). The amount of
Additional Hire, if any, will be determined by the London Tanker Brokers Panel
or another panel of ship brokers mutually acceptable to the Charterer and the
Company (the "Brokers Panel"). In 2002, the Company did not receive any
Additional Hire.

     Pursuant to the terms of the Charters, the Charterer's obligation to pay
charterhire is absolute, regardless whether there is loss or damage to a
Vessel or any other reason. The Charterer is also obligated to indemnify and
hold the Company harmless from all liabilities arising from the operation,
design and construction of the Vessels prior to and during the term of the
Charters, including environmental liabilities, other than liabilities arising
out of the gross negligence or willful misconduct of the Company. The
obligations of the Charterer are guaranteed by BP p.l.c., the successor
company to the merger between Amoco Corp and The British Petroleum Company
p.l.c.

     At least six months prior to the end of the term (including any extension
thereof) of a Charter, the Company's shareholders will be entitled to vote on
a proposal to sell the related Vessels and to distribute the net proceeds to
the shareholders to the extent permitted under Bermuda law. The Board of
Directors of the Company, or the Board, will make a recommendation which may
favor such sale or an alternative plan, such as the operation, rechartering or
other disposition of the Vessels. The proposal to sell the Vessels and
distribute the resulting net proceeds shall be adopted if approved by the
holders of a majority of the Common Shares voting at the meeting called for
such purpose.

The International Tanker Market

     International seaborne oil and petroleum products transportation services
are mainly provided by two types of operator: major oil company captive fleets
(both private and state-owned) and independent shipowner fleets. Both types of
operators transport oil under short-term contracts (including single-voyage
"spot charters") and long-term time charters with oil companies, oil traders,
large oil consumers, petroleum product producers and government agencies. The
oil companies own, or control through long-term time charters, approximately
one third of the current world tanker capacity, while independent companies
own or control the balance of the fleet. The oil companies use their fleets
not only to transport their own oil, but also to transport oil for third-party
charterers in direct competition with independent owners and operators in the
tanker charter market.

     The oil transportation industry has historically been subject to
regulation by national authorities and through international conventions. Over
recent years, however, an environmental protection regime has evolved which
has a significant impact on the operations of participants in the industry in
the form of increasingly more stringent inspection requirements, closer
monitoring of pollution-related events, and generally higher costs and
potential liabilities for the owners and operators of tankers.

     In order to benefit from economies of scale, tanker charterers will
typically charter the largest possible vessel to transport oil or products,
consistent with port and canal dimensional restrictions and optimal cargo lot
sizes. The oil tanker fleet is generally divided into the following five major
types of vessels, based on vessel carrying capacity: (i) ULCC-size range of
approximately 320,000 to 450,000 dwt; (ii) VLCC-size range of approximately
200,000 to 320,000 dwt; (iii) Suezmax-size range of approximately 120,000 to
200,000 dwt; (iv) Aframax-size range of approximately 60,000 to 120,000 dwt;
and (v) small tankers of less than approximately 60,000 dwt. ULCCs and VLCCs
typically transport crude oil in long-haul trades, such as from the Arabian
Gulf to Rotterdam via the Cape of Good Hope. Suezmax tankers also engage in
long-haul crude oil trades as well as in medium-haul crude oil trades, such as
from West Africa to the East Coast of the United States. Aframax-size vessels
generally engage in both medium-and short-haul trades of less than 1,500 miles
and carry crude oil or petroleum products. Smaller tankers mostly transport
petroleum products in short-haul to medium-haul trades.

     The tanker market in general was depressed through the second half of
1998 and 1999 as a result of lower volumes of oil transported due to cuts in
oil production by OPEC. A high proportion of the OPEC cuts were taken by the
Middle East producers which account for the long-haul crude. The cut in
long-haul crude resulted in decreased transportation demand. At the beginning
of the year 2000 the Suezmax market started to improve, backed by increasing
OPEC production and the fact that scrapping of older tonnage in the weak 1999
market brought demand and supply of transportation capacity closer to a
balance. A high-profile oil-spill off the coast of France in late 1999 created
strong public and political pressure for stricter requirements on tankers. The
result was an increased demand for modern quality tonnage as many leading
charterers reduced their use of older tonnage. OPEC increased output on
several occasions in 2000 in response to oil demand and the demand for tonnage
grew through the year with gradually higher charter rates and, in the last
quarter of 2000, the highest average Suezmax rates paid since the early
1970's. The charter rates have dropped in the beginning of 2001, compared to
the highs of end 2000. Market rates which are used to determine additional
hire decreased in 2001. The decrease was driven by OPEC oil production
decreases and a slow down in the world economy. The rates continued to
decrease through the first three quarters of 2002. Market rates began
increasing during the fourth quarter due to, among other things, a strike in
the Venezuelan oil industry. As a result of the strike, the United States was
forced to import oil from the Arabian Gulf and West Africa. The longer
transportation requirements and increased demand for oil has led to a strong
tanker market which has continued into 2003. A strong Suezmax market will
largely depend on the global oil demand in 2002 and the implementation by IMO
and EU of new rules that would remove from trading in the next 3 to 4 years
almost all Suezmaxes built before 1980 and the net delivery of new tankers.

Environmental and Other Regulations

     The operation of the Vessels are affected by environmental protection
laws and other regulations. Such laws and regulations are subject to extensive
and material changes. Compliance with such laws and regulations may entail
significant expenses, including expenses for ship modifications and changes in
operating procedures. Although all such expenses are payable by the Charterer
during the term of the Charters, such expenses could have an adverse effect on
the Company at any time after the expiration or termination of a Charter or in
the event the Charterer and BP p.l.c. (as the guarantor of the obligations of
the Charterer) fail to make any such payment. Certain proposals in the United
States for new regulatory requirements could create significant additional
expenses in such event. In particular, certain legislation has been proposed
that would, among other things, impose minimum wage requirements on foreign
crews, impose restrictions on the use of foreign-flagged vessels (such as the
Vessels) in United States trade and impose additional costs on operators of
foreign-built vessels (such as the Vessels). The Company cannot predict the
likelihood of any of this proposed legislation being enacted or the ultimate
cost of complying with such legislation if enacted.

     In addition, although the United States Oil Pollution Act of 1990, as
amended, or OPA, limits the strict liability of owners, operators and
charterers by demise (i.e., bareboat charterers) of vessels (the "Responsible
Parties") to the greater of $1,200 per gross ton or $10 million per tanker
(subject to possible adjustment for inflation) for removal costs and damages
that result from a discharge of oil, these limits do not apply if the
discharge is caused by gross negligence or willful misconduct, or the
violation of an applicable U.S. federal safety, construction or operating
regulation by a Responsible Party.

     Pursuant to interim implementing regulations promulgated by the United
States Coast Guard, or USCG, Responsible Parties must meet new financial
responsibility requirements that are significantly greater than those
previously required. The protection and indemnity associations ("P&I
Associations"), which have historically provided shipowners and operators
financial assurance, have refused to furnish evidence of insurance to
Responsible Parties and therefore, Responsible Parties have had to obtain
financial assurance from other sources at additional cost. While the Charterer
will be responsible for compliance during the term of the Charters, the
inability of the Company to comply with these regulations following the
expiration or termination of the Charters would have an adverse effect on the
Company's business and results of operations.

The International Maritime Organization, an agency of the United Nations, or
IMO, has adopted regulations that are designed to reduce oil pollution in
international waters. In complying with OPA and the IMO regulations and other
regulations that may be adopted, shipowners and operators may be forced to
incur additional costs in meeting new maintenance and inspection requirements,
in developing contingency arrangements for potential spills and in obtaining
insurance coverage. Additional laws and regulations may be adopted which could
limit the ability of the Company to do business and which could have a
material adverse effect on the Company's business and results of operations
following the expiration or termination of a Charter.

     The operation of the Vessels is also affected by the newly adopted
requirements set forth in the IMO's International Management Code for the Safe
Operation of Ships and Pollution Prevention, or the ISM Code. The ISM Code
requires shipowners and bareboat charterers to develop an extensive "Safety
Management System," which includes policy statements, manuals, standard
procedures and lines of communication. Noncompliance with the ISM Code may
subject the shipowner or bareboat charterer to increased liability and may
lead to decreases in available insurance coverage for affected vessels.
Although compliance with the ISM Code is the responsibility of the Charterer
during the term of the Charters, the Company would become primarily
responsible for compliance with the ISM Code if the Charterer were to default
in its obligations under the Charter.

C. ORGANIZATIONAL STRUCTURE

     Prior to September 30, 1997, the Company was a wholly owned subsidiary of
UNS, a Norwegian shipping company whose shares were listed on the Oslo Stock
Exchange. On September 30, 1997, 11,731,613 warrants for the purchase of the
Company's common shares, which had been sold to the public in 1995, were
exercised. UNS, currently a wholly-owned subsidiary of Teekay Shipping
Corporation, a New York Stock Exchange listed tanker owner and operator, holds
10.31% of the outstanding Shares. Until May 30, 2003, UNS acted as the
Manager, and provided managerial, administrative and advisory services to the
Company pursuant to the Management Agreement. Since May 30, 2003, Scandic has
acted as the Company's Manager, and provides such services pursuant to the
Management Agreement, as novated. See Item 7.

D. PROPERTY, PLANT AND EQUIPMENT

     Other than the Vessels described elsewhere in this filing, the Company
does not own or lease any tangible fixed property.
<PAGE>

ITEM 5.   OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Overview

     The Company owns three modern double hull 151,459 dead weight tonne
Suezmax tankers, or the Vessels, which were delivered in the last half of
1997. The Vessels were built at Samsung Heavy Industries Ltd. in South Korea.

     Each Charter is subject to extension at the option of the Charterer for
up to seven successive one-year periods. During the term of each Charter
(including any extension thereof) the Charterer is obligated to pay (i) the
Base Rate, which is charterhire at a fixed minimum daily rate of $13,500 per
Vessel per day (time charter equivalent of $22,000 per day), payable quarterly
in advance and (ii) Additional Hire, to the extent spot charter rates exceed
certain levels, payable quarterly in arrears, from January 1998. The amount of
Additional Hire for each quarter, if any, will be determined by the Brokers
Panel.

Results of Operations

     The Company's revenues from charterhire for 2002 decreased 36% from 2001
to $18,057,989 or $16,491 per day per vessel (time charter equivalent of
$24,991 per day per vessel). Charterhire revenue for 2002 was derived from
Base Hire of $14,782,500 ($13,500 per day per Vessel) and Additional Hire of
$3,275,489 ($2,991 per day per vessel).

     Market rates which are used to determine additional hire decreased
significantly in 2002. The decrease was driven by OPEC oil production
decreases and a slow down in the world economy. Additional hire, determined by
the Brokers Panel, was awarded for 4th quarter 2002 only. The additional hire
was $3,275,489. Charterhire per day per Vessel (time charter equivalent) for
each quarter of 2002 was $22,000 for the 1st, 2nd and 3rd quarter and $33,868
for the 4th quarter.

     Comparatively, Base Hire in 2001 and 2000 was $14,782,500 ($13,500 per
day per Vessel) for each year. Additional Hire was $13,577,068 in 2001 and
$21,754,262 in 2000.

     Management, insurance and administrative costs, or MI&A, for 2002, 2001
and 2000 were $611,829, $538,520 and $558,759 respectively. The Company's MI&A
for all three years consisted of ship brokers commissions of approximately
$185,000 and management fees of $250,000 which are fixed. The increase in
costs of $73,309 from 2001 to 2002 is mainly due to higher insurance costs and
attorney fees. Depreciation expense approximated $6,831,040 for each of the
three years.

Liquidity and Capital Resources

     The Company's cash flows are primarily from charter hire revenue.

     Cash flows provided by operating activities decreased in 2002 to
$12,750,908 due primarily to the decrease in net profit and an increase in
accounts receivable due to additional hire awarded in 4th quarter.

     Cash flows used in financing activities decreased 65% to $13,103,993 due
to the decrease in dividends paid during the year.

     There were no cash flows from investing activities during the year.

     Due to the nature of the business, cash flows are predictable with the
exception of additional charter hire to be awarded, if any. The Company
expects that cash from base charter hire will be sufficient to meet
operational requirements in 2003. The Company does not have plans for
significant capital expenditures or other investments during 2003.

Dividend payment

     Total dividends paid out in 2002 were $13,103,993 or $1.35 per Share. The
dividend payments per share in 1997, 1998, 1999, 2000, 2001 and 2002 have been
as follows:

     Period           1997    1998         1999      2000      2001     2002
     -----------------------------------------------------------------------
     1st Quarter              0.40         0.32      0.34      1.41     0.36
     2nd Quarter              0.41         0.32      0.45      1.19     0.34
     3rd Quarter              0.32         0.35      0.67      0.72     0.33
     4th Quarter      0.30    0.30         0.36      1.10      0.55     0.32
     -----------------------------------------------------------------------
     Total USD        0.30    1.43         1.35      2.56      3.87     1.35
     -----------------------------------------------------------------------

The Company declared a dividend of $0.63 per share for the first quarter of
2003. The dividend of $0.63 was paid to Shareholders in February 2003.

Long-Term Debt and Repurchase of Common Stock

     In 1998, the Company borrowed $30.0 million from Den norske Bank ASA,
Oslo, Norway, or DnB, to finance the repurchase of 2,107,244 shares through a
"Dutch Auction" self-tender offer at a price of $12.50 per Share. The total
purchase price of the Shares including the costs associated with the
transaction was $27.1 million. On May 12, 1999, the General Shareholders
Meeting approved the remaining proceeds being utilized to increase the
quarterly dividends.

     An important objective of the repurchase of Shares was to increase the
Company's cash distribution to shareholders while the Vessels are on charter
to the Charterer. While the Vessels are on charter, the minimum cash
distribution per Share (assuming receipt of Base Hire and no increase of
expenses) has increased by $0.15, from $1.20 to $1.35 per year, an increase of
12.5%.

     The Company has entered into an interest swap agreement with DnB, as a
result of which the Company pays a fixed interest on the Loan of 5.8% per
annum for the next two years. The swap agreement terminates on the final
repayment date of the Loan, i.e., the fourth quarter of the year 2004.

Contractual Obligations

     The Company does not have contractual obligations or commercial
commitments except long-term debt as described above.

Disclosure and Internal Controls

     As of December 31, 2002, an evaluation was performed under the
supervision and with the participation of the Company's Chairman, Chief
Executive Officer and Chief Financial Officer of the effectiveness of the
design and operation of the Company's disclosure controls and procedures.
Based on that evaluation, these officers have concluded that the Company's
disclosure controls and procedures were effective as of December 31, 2002. No
significant changes in the Company's internal controls or in other factors
have occurred that could significantly affect controls subsequent to December
31, 2002.

ITEM 6.   DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A. DIRECTORS AND SENIOR MANAGEMENT

     Pursuant to the Management Agreement, the Manager provides management,
administrative and advisory services to the Company with respect to the
Vessels.

     Set forth below are the names and positions of the directors and
executive officers of the Company. Directors of the Company are elected
annually, and each director elected holds office until a successor is elected.
Officers of the Company are elected from time to time by vote of the board of
directors and hold office until a successor is elected.

                                  The Company

     Name                         Age    Position
     --------------------------------------------
     Peter Bubenzer               48     Secretary
     Tharald Brovig               60     Director
     Hon. Sir David Gibbons       75     Director
     Herbjorn Hansson             55     Director and President
     George C. Lodge              75     Director
     Andreas Ove Ugland           48     Director

     Certain biographical information with respect to each director and
executive officer of the Company is set forth below.

      Herbjorn Hansson has been President and Chief Executive Officer of the
Company and of the Manager since July 1995 and September 1993, respectively,
and has served as a director of the Manager since its organization in June
1989 and as a director of the Company since July 1995. Mr. Hansson formerly
served as the Chairman of the Board of the Manager from June 1989 to September
1993. Mr. Hansson has been involved in various aspects of the shipping
industry and international finance since the early 1970s, including serving as
Chief Economist of Intertanko, the International Association of Independent
Tanker Owners, from 1975-1980. He was an executive officer of the Anders
Jahre/Kosmos Group from 1980 to 1989, serving as Chief Financial Officer from
1983 to 1988. Mr. Hansson is a major shareholder and Deputy Chairman of
Scandic.

     Peter Bubenzer has been the Secretary of the Company since May 1999. Mr.
Bubenzer has been a Partner of the law firm of Appleby, Spurling & Kempe,
Bermuda since 1986.

      Tharald Brovig has been a director of the Company since July 1995 and
has been a director of the Manager since its organization in June 1989.

     Sir David Gibbons has been a director of the Company since September
1995. Sir David served as the Prime Minister of Bermuda from August 1977 to
January 1982. Sir David has served as Chairman of The Bank of N.T. Butterfield
and Son Limited since 1986 and as Chief Executive Officer of Edmund Gibbons
Ltd. since 1954.

     George C. Lodge has been a director of the Company since September 1995.
Professor Lodge has been a member of the Harvard Business School faculty since
1963. He was named associate professor of business administration at Harvard
in 1968 and received tenure in 1972.

     Andreas Ove Ugland has been a director of the Company since February
1997. Mr. Ugland has also served as director and Chairman of: Ugland
International Holding Plc, a shipping/transport company listed on the London
Stock Exchange, Andreas Ugland & Sons AS, Grimstad, Norway, H0egh Ugland
Autoliners AS, Oslo and Buld Associates Inc., Bermuda. Mr. Ugland has had his
whole career in shipping in the Ugland family owned shipping group. Mr. Ugland
is controlling shareholder and Chairman of Scandic.

B. COMPENSATION

     Pursuant to the Management Agreement, the Manager pays from the
Management Fee the annual directors' fees of the Company, currently estimated
at an aggregate amount of $80,000 per annum. Accordingly, from the inception
of the Company through December 31, 2002, the directors of the Company have
not been paid by the Company any amount for services rendered by them to the
Company in any capacity.

C. BOARD PRACTICES

     The members of the Company's board of directors serves until the next
annual general meeting following his or her election to the board. The members
of the current board of directors were elected at the annual general meeting
held on May 30, 2003. The full board of directors currently acts as the Audit
Committee of the Company.
<PAGE>

D. EMPLOYEES

     The Company has not had any employees during the past three fiscal years.
Pursuant to a management agreement with the Manager, the Manager provides
management, administrative and advisory services to the Company.

E. SHARE OWNERSHIP

     The following table sets forth information regarding the share ownership
of the Company by its directors and officers. All of the shareholders are
entitled to one vote for each share of common stock held.

Title           Identity of Person        No. of Shares      % of Class

Common          Herbjorn Hansson                *                <1%
                Peter Bubenzer                  *                <1%
                Tharald Brovig                  *                <1%
                Hon. Sir David Gibbons          *                <1%
                George C. Lodge                 *                <1%
                Andreas Ove Ugland              *                <1%

ITEM 7.   MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. MAJOR SHAREHOLDERS

     The following persons are beneficial owners of 5% or more of the
Company's outstanding common shares at April 30, 2003:

Name                                No. of Shares      % of Shares
----                                -------------      -----------
Ugland Nordic Shipping AS           1,001,221            10.31%

     According to a Schedule 13G filed on behalf of Teekay Shipping
Corporation, or Teekay, on December 27, 2001, effective May 28, 2001 Teekay
acquired direct ownership of all of the outstanding shares of UNS. As sole
shareholder of UNS, Teekay has indirect beneficial ownership of the Company's
common shares directly owned of record by UNS.

B. RELATED PARTY TRANSACTIONS

     Since May 30, 2003, Scandic, which is owned by Messrs. Ugland and
Hansson, has been party to the Management Agreement with the Company, pursuant
to which it is entitled to a management fee of $250,000 per annum.

C. INTERESTS OF EXPERTS AND COUNSEL

     Not Applicable

ITEM 8.   FINANCIAL INFORMATION

A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

See Item 17

Legal Proceedings

     In September 2002, the Company received a letter from the Norwegian
Central Tax Office stating that the Central Tax Office had determined that the
Company was subject to Norwegian income taxation for the years 1995 through
2000. Notwithstanding that the Company believed that it had no taxable income
under Norwegian tax principles in that period, the Company believed that the
Central Tax Office's determination was without merit and appealed it.

     The Norwegian Tax Appeal Board upheld the Company's appeal of the claim
of the Norwegian Central Tax Office that the Company should be subject to
Norwegian income tax for the years 1995 to 2000. Accordingly, the tax claim
was dismissed.

     The Company is not currently involved in any other legal proceedings that
would have a significant effect on the Company's financial position or
profitability.

Dividend Policy

     The Company's dividend policy is to pay dividends to the holders of the
Company's Shares in amounts substantially equal to the amounts received by it
under the Charters, less expenses. In 2002, a portion of these dividends was
considered return of capital for United States federal income tax purposes. In
2002, the Company paid total dividends of $13,103,993 or $1.35 per share.

ITEM 9.   THE OFFER AND LISTING

A.4. MARKET PRICE INFORMATION

     The following tables set forth the high and low prices for the Shares for
each year indicated below, for each quarter indicated below and for the six
months ended April 30, 2003:

                             AMEX       AMEX            OSE           OSE
                             LOW        HIGH            LOW           HIGH

For the year:
      1999                  $ 9.63      $12.50      NOK   94      NOK   95
      2000                  $10.13      $23.44      NOK   90      NOK  212
      2001                  $13.00      $22.88      NOK  125      NOK  215
      2002                  $ 9.86      $16.55      NOK   90      NOK  140

For the quarter ended:

March 31, 2001              $16.90      $22.25      NOK  155      NOK  215
June 30, 2001               $16.00      $22.89      NOK  172      NOK  180
September 30, 2001          $13.75      $19.52      NOK  140      NOK  190
December 31, 2001           $13.00      $17.10      NOK  125      NOK  170
March 31, 2002              $12.95      $15.50      NOK  127      NOK  140
June 30, 2002               $13.50      $16.55      NOK  122      NOK  140
September 30, 2002          $ 9.86      $14.25      NOK   90      NOK  135
December 31, 2002           $10.11      $13.82      NOK   90      NOK  100

For the months:

November, 2002              $10.56      $12.85      NOK  100      NOK  100
December, 2002              $11.59      $13.82      NOK  99       NOK  99
January, 2003               $13.34      $14.65      NOK  --       NOK  --
February, 2003              $12.62      $14.00      NOK  --       NOK  --
March, 2003                 $13.59      $14.50      NOK  --       NOK  --
April, 2003                 $13.00      $15.19      NOK  103      NOK  125

     These bid quotations represent interdealer quotations, without retail
mark-ups, mark-downs or commissions, and do not necessarily represent actual
transactions.

     On December 31, 2002, the closing price of the Shares as quoted on the
American Stock Exchange was $13.54, and as quoted on the Oslo Stock Exchange
was NOK 99.00. On such date, there were 9,706,606 Shares issued and
outstanding.

C. MARKETS ON WHICH OUR SHARES TRADE

     The primary trading market for the Shares is the American Stock Exchange,
on which the Shares are listed under the symbol "NAT." The secondary trading
market for the Shares is the Oslo Stock Exchange also with the symbol "NAT."

ITEM 10.  ADDITIONAL INFORMATION

A. SHARE CAPITAL

     Not Applicable

B. MEMORANDUM AND ARTICLES OF ASSOCIATION

     The Company's Memorandum of Association provides that the Company's
objects are as set forth in paragraphs (b) through (n) and (p) to (u),
inclusive, of the Second Schedule to The Companies Act 1981 of Bermuda. The
Company's Bye-laws limits the Company's business activities to:

          (i) entering into, or becoming a party to the Shipbuilding Contracts
between the Company and the Builder providing for the construction of the
Vessels;

          (ii) entering into, or becoming a party to the Supervision Agreement
between the Company and the Charterer for the supervision of the construction
of the Vessels;

          (iii) entering into, or becoming a party to, the Participation
Agreement among the Company, the Manager, the Charterer, British Petroleum,
Rabobank and Silver Island and the BP Letter Agreement among the Company,
British Petroleum, the Charterer, the Manager, Lazard Freres & Co. LLC which
sets forth certain continuing obligations of each of the parties thereto;

          (iv) entering into, or becoming a party to the Original Charters
with the Charterer and subsequent Charters with any subsequent charterer of
the Vessels;

          (v) entering into, or becoming a party to, the U.K. Finance Leases
between the Company and any U.K. financial institution relating to the lease
of the Vessels;

          (vi) entering into, or becoming a party to, the Underwriting
Agreement relating to the public sale and offering of the Company warrants by
Lazard Freres & Co. LLC, the Warrant Agreement relating to the exercise of the
Company's warrants, the Management Agreement, and the Registration Rights
Agreement between the Company and Silver Island;

          (vii) entering into, or becoming a party to any agreement and
performing all acts necessary for the conduct of an offering by the Company of
the Warrants, and the listing of the Common Shares on any stock exchange or
their inclusion in any securities market;

          (viii) enforcing its rights and performing its obligations in
respect of any and all of the foregoing;

          (ix) entering into agreements to charter, lease, sell or otherwise
dispose of a Vessel upon the termination of its Original Charter;

          (x) entering into, or becoming a party to, and taking all actions
including amending the Management Agreement and any other Agreements to which
the Company is a party and furnishing such security over the Company's assets
as may be necessary or desirable in connection with the incurrence of debt for
borrowed money in the amount of up to US$30,000,000 to purchase its Common
Shares, and authorizing the Company to pay from the proceeds of such debt and
from its income any costs, fees and expenses in connection with such
incurrence, or refinancing or replacement thereof, costs related to any
current or future proposals submitted by the Board of Directors to amend these
Bye-Laws including any related proxy solicitation and regulatory filings and
costs related to the purchase by the Company of its Common Shares including
the costs and fees related to the preparation and conduct of a "Dutch Auction"
self-tender offer; and

          (xi) engaging in those activities, including the entering into
additional or supplementary agreements, documents and instruments necessary,
suitable or convenient to accomplish the foregoing or incidental thereto or
connected therewith.

     The following sections of the Company's Registration Statement on Form
F-3 (Registration No. 333-7536), including amendments thereto, filed with the
Securities and Exchange Commission on August 29, 1997, are hereby incorporated
by reference:

               1.   Dividend Policy (p.22); and
               2.   Description of Capital Stock (p.54).

C. MATERIAL CONTRACTS

     On May 30, 2003, the Company's shareholders approved a novation agreement
by which the Management Agreement was novated from UNS to Scandic. Otherwise,
the Company has not entered into any material contracts outside the ordinary
course of business during the past two years.

D. EXCHANGE CONTROLS

     There are currently no Bermudan laws or regulations that restrict the
import or export of capital or the remittance of dividends or interest to
non-resident holders of the Company's securities.

E. TAXATION

     The Company is incorporated in Bermuda. Under current Bermuda law, the
Company is not subject to tax on income or capital gains, and no Bermuda
withholding tax will be imposed upon payments of dividends by the Company to
its shareholders. No Bermuda tax is imposed on holders with respect to the
sale or exchange of Shares. Furthermore, the Company has received from the
Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection
Act 1966, as amended, an assurance that, in the event that Bermuda enacts any
legislation imposing any tax computed on profits or income, including any
dividend or capital gains withholding tax, or computed on any capital asset,
appreciation, or any tax in the nature of an estate, duty or inheritance tax,
then the imposition of any such tax shall not be applicable. The assurance
further provides that such taxes, and any tax in the nature of estate duty or
inheritance tax, shall not be applicable to the Company or any of its
operations, nor to the shares, debentures or other obligations of the Company,
until March 2016.

     BP 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 (File No.
005-42076) and periodic reports on Form 6-K with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.

F. DIVIDENDS AND PAYING AGENTS

     Not Applicable

G. STATEMENT BY EXPERTS

     Not Applicable

H. DOCUMENTS ON DISPLAY

     Not Applicable

ITEM 11.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     The Company is exposed to market risk from changes in interest rates
related to the variable rate of the Company's long-term borrowings, or the
Loan.

     The Company's borrowings under the Loan at December 31, 2002 of
$30,000,000 bear interest at a variable rate which is reset semi-annually
based on the underlying London interbank offer rate (LIBOR). Interest payments
are made semi-annually, and the Loan expires in September 2004. The fair value
of the Loan at December 31, 2002 is equal to its carrying amount at the same
date.

     The Company has entered into an interest rate swap transaction to hedge
the interest rate variability on the Loan. The swap has a notional amount
equal to the outstanding principal of the Loan and expires on the same date.
At December 31, 2002, the pay-fixed interest rate of the swap was 5.275% and
the receive-variable rate was 1.40%. Periodic cash settlements under the swap
agreement occur semi-annually on dates matching those of the interest payments
under the Loan. The swap had a negative fair value of $2,016,000 at December
31, 2002 determined by calculating the cost of entering into an interest rate
swap to offset the existing interest rate swap.

     The Company has not entered into any financial instruments for
speculative or trading purposes.

ITEM 12.  DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

          Not Applicable

                                    PART II

ITEM 13.  DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

          Not Applicable

ITEM 14.  MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE
          OF PROCEEDS

          Not Applicable

ITEM 15.  CONTROLS AND PROCEDURES.

(a)  Evaluation of disclosure controls and procedures.

     Within the 90 days prior to the date of this report, the Company carried
     out an evaluation, under the supervision and with the participation of
     the Company's management, including the Company's Chief Executive Officer
     and Chief Financial Officer, of the effectiveness of the design and
     operation of the Company's disclosure controls and procedures pursuant to
     Exchange Act Rule 13a-14. Based upon that evaluation, the Chief Executive
     Officer and Chief Financial Officer concluded that the Company's
     disclosure controls and procedures are effective in alerting them timely
     to material information relating to the Company required to be included
     in the Company's periodic SEC filings.

(b)  Changes in internal controls

     There have been no significant changes in our internal controls or in
     other factors that could have significantly affected those controls
     subsequent to the date of our most recent evaluation of internal
     controls, including any corrective actions with regard to significant
     deficiencies and material weaknesses.

     Although we believe our pre-existing disclosure controls and procedures
     and internal controls were adequate to enable us to comply with our
     disclosure obligations, as a result of such review we intend to implement
     changes, primarily to formalize and document procedures already in place.
     You should note that the design and operation of any system of controls
     and procedures is based in part upon certain assumptions about the
     likelihood of future events, and there can be no assurance that any
     design will succeed in achieving its stated goals under all potential
     future conditions, regardless of how remote.

ITEM 16.  RESERVED.

                                   PART III

ITEM 17.  FINANCIAL STATEMENTS

     See pages F-1 through F-11
<PAGE>

NORDIC AMERICAN TANKER SHIPPING LIMITED

TABLE OF CONTENTS.
------------------------------------------------------------------------------

                                                                          Page

INDEPENDENT AUDITORS' REPORT                                              F-1

FINANCIAL STATEMENTS

Balance Sheets                                                            F-2

Statements of Operations                                                  F-3

Statements of Cash Flows                                                  F-3

Statements of Shareholders' Equity                                        F-4

Notes to Financial Statements                                             F-6
<PAGE>

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
Nordic American Tanker Shipping Ltd.

Bermuda

We have audited the accompanying balance sheets of Nordic American Tanker
Shipping Ltd. (the "Company") as of December 31, 2002 and 2001 and the related
statements of operations, shareholders' equity, and cash flows for each of the
three years in the period ended December 31, 2002. These financial statements
are the responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2002 and
2001, and the results of its operations and its cash flows for each of the
three years in the period ended December 31,2002 in conformity with accounting
principles generally accepted in the United States of America.


DELOITTE & TOUCHE
Oslo, Norway
March 31, 2003
<PAGE>

                        BALANCE SHEETS AT DECEMBER 31,

(all figures are in USD)

ASSETS

Current assets                                       2002            2001
                                                 ------------    ------------

Cash and cash equivalents           Note 1            277,783         630,868
Accounts receivable                                 3,276,523         170,180
Prepaid finance costs               Note 6             28,955          43,435
Prepaid insurance                                      83,333          70,000
                                                 ------------    ------------
Total current assets                                3,666,594         914,483
                                                 ------------    ------------
Long term assets

Vessels                             Note 4        134,912,965     141,744,005
                                                 ------------    ------------

TOTAL ASSETS                                      138,579,559     142,658,488
                                                 ============    ============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities                                  2002            2001
                                                 ------------    ------------

Accounts payable                                          996              --
Accrued interest                    Note 6            215,466          38,666

Long-term liabilities

Derivative contract                 Note 7,8        2,016,000         778,000
Long-term debt                      Note 6,8       30,000,000      30,000,000
                                                 ------------    ------------
Shareholders' Equity

Common stock                        Note 7             97,066          97,066
Additional paid-in capital          Note 7        144,395,866     144,395,866
Accumulated deficit                 Note 7        (36,129,835)    (31,873,110)
Accumulated other
comprehensive loss                  Note 7,8       (2,016,000)       (778,000)
                                                 ------------    ------------
Total Shareholders' Equity                        106,347,097     111,841,822
                                                 ------------    ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY                              138,579,559     142,658,488
                                                 ============    ============
<PAGE>

STATEMENTS OF OPERATIONS
(all figures in USD)                         Year Ended December 31,
                                    -----------------------------------------
                          Notes        2002          2001           2000
                         --------   -----------------------------------------
Operating Revenue          1, 3      18,057,989     28,359,568     36,577,262
Ship Broker                            (184,781)      (184,781)      (185,288)
Commissions
Administrative             2, 5        (427,048)      (353,739)      (373,291)
Expenses
Depreciation               4         (6,831,040)    (6,831,040)    (6,831,040)
                                    -----------------------------------------
Net Operating Income                 10,615,120     20,990,008     29,187,643
                                    -----------------------------------------
Interest Income                          21,409        189,244        277,552
Interest Expense           6         (1,764,424)    (1,769,000)    (1,770,808)
Other Financial Charges                 (24,837)       (24,776)       (25,423)
                                    -----------------------------------------
Net Financial Items                  (1,767,852)    (1,604,532)    (1,518,679)
                                    -----------------------------------------
Net Profit before tax                 8,847,268     19,385,476     27,668,964
                                    -----------------------------------------

Tax Expense                                   0              0              0
                                    -----------------------------------------
Net Profit for the Year               8,847,268     19,385,476     27,668,964
                                    =========================================

Basic and Diluted Earnings
per Share                                  0.91           2.00           2.85

Weighted Average
Number of Shares Outstanding          9,706,606      9,706,606      9,706,606



STATEMENTS OF CASH FLOWS
(all figures in USD)
                                              Year Ended December 31,
                                     -----------------------------------------
                                        2002           2001           2000
                                     -----------    -----------    -----------
Net Profit for the Year                8,847,268     19,385,476     27,668,964

Reconciliation of Net Profit
to Net Cash from Operating
Activities

Depreciation                           6,831,040      6,831,040      6,831,040

Amortization of prepaid
finance costs                             14,480         14,480         14,480

Increase (decrease) in
receivables and payables              (2,941,880)    10,041,605    (10,249,619)
                                     -----------    -----------    -----------
Net Cash from Operating Activities    12,750,908     36,272,601     24,264,865
                                     -----------    -----------    -----------

Financing Activities

Dividends paid                       (13,103,993)   (37,564,658)   (24,848,957)
                                     -----------    -----------    -----------
Net Cash used in Financing
Activities                           (13,103,993)   (37,564,658)   (24,848,957)
                                     -----------    -----------    -----------
Net decrease in Cash and Cash
Equivalents                             (353,085)    (1,292,057)      (584,092)
                                     -----------    -----------    -----------
Beginning Cash and Cash
Equivalents                              630,868      1,922,925      2,507,017
                                     -----------    -----------    -----------
Ending Cash and Cash Equivalents         277,783        630,868      1,922,925
                                     -----------    -----------    -----------
Interest Paid                          1,587,622      1,773,834      1,804,641
                                     -----------    -----------    -----------
<PAGE>


STATEMENTS OF SHAREHOLDERS' EQUITY
(all figures in USD)

<TABLE>
<CAPTION>
                                                                              Accumulated
                                              Additional                         other           Total          Total
                                 Common        paid-in       Accumulated     comprehensive   Shareholders'  comprehensive
                                 stock         capital         deficit           loss           Equity         income
-------------------------------------------------------------------------------------------------------------------------
<S>                                 <C>       <C>            <C>              <C>            <C>              <C>
Balance at 12.31.99                 97,066    144,395,866    (16,513,935)             --     127,978,997
---------------------------------------------------------------------------------------------------------
Net profit                                                    27,668,964                      27,668,964      27,668,964
                                                                                                            ------------
Total comprehensive
income                                                                                                        27,668,964
                                                                                                            ------------
Dividends paid                                               (24,848,957)                    (24,848,957)
---------------------------------------------------------------------------------------------------------
Balance at 12.31.00                 97,066    144,395,866    (13,693,928)             --     130,799,004
---------------------------------------------------------------------------------------------------------

Net profit                                                    19,385,476                      19,385,476      19,385,476

Cumulative effect of change
in accounting for
derivative instruments                                                           618,094         618,094         618,094

Unrealized loss on
derivative instruments                                                        (1,656,146)     (1,656,146)     (1,656,146)

Adjustment for losses on
derivatives reclassified to
earnings                                                                         260,052         260,052         260,052
                                                                                                            ------------
Total comprehensive
income                                                                                                        18,607,476
                                                                                                            ------------
Dividends paid                                               (37,564,658)                    (37,564,658)
---------------------------------------------------------------------------------------------------------
Balance at 12.31.01                 97,066    144,395,866    (31,873,110)       (778,000)    111,841,822
---------------------------------------------------------------------------------------------------------

Net profit                                                     8,847,268                       8,847,268       8,847,268

Unrealized loss on
derivative instruments                                                        (2,262,564)     (2,262,564)     (2,262,564)

Adjustment for losses on
derivatives reclassified to
earnings                                                                       1,024,564       1,024,564       1,024,564
                                                                                                            ------------
Total comprehensive
income                                                                                                         7,609,268
                                                                                                            ------------
Dividends paid                                               (13,103,993)                    (13,103,993)
---------------------------------------------------------------------------------------------------------
Balance at 12.31.02                 97,066    144,395,866    (36,129,835)     (2,016,000)    106,347,097
---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

NORDIC AMERICAN TANKER SHIPPING LIMITED

NOTES TO FINANCIAL STATEMENTS

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     These financial statements have been prepared in accordance with
     accounting principles generally accepted in the United States of America.

     Nature of Business and Concentration of Risk: The principal business of
     Nordic American Tanker Shipping Limited (the "Company") is the charter of
     three Suezmax tankers to BP Shipping until September 2004, with a further
     seven one-year options in BP's favor.

     Use of estimates: Preparation of financial statements in accordance with
     accounting principles generally accepted in the United States of America
     necessarily includes amounts based on estimates and assumptions made by
     management. Actual results could differ from those amounts.

     Cash and Cash Equivalents: Cash and cash equivalents consist of deposits
     with original maturities of three months or less.

     Property and Equipment: Depreciation and amortization are provided on a
     straight-line basis over the estimated useful lives of the assets. The
     Company's property consists solely of vessels. The estimated useful life
     of these vessels is 25 years.

     Impairment of Long-Lived Assets: Long-lived assets are required to be
     reviewed for impairment whenever events or changes in circumstances
     indicate that the carrying amount of an asset may not be recoverable. If
     the estimated undiscounted future cash flows expected to result from the
     use of the asset and its eventual disposition is less than the carrying
     amount of the asset, the asset is deemed impaired. The amount of the
     impairment is measured as the difference between the carrying value and
     the fair value of the asset.

     Revenue Recognition: The daily charterhire rate payable under each
     Charter is comprised of two components: (i) a fixed minimum rate of
     charterhire of $13,500 per Vessel per day (the "Base Rate"), paid
     quarterly in advance at the beginning of the quarter, and (ii) additional
     charterhire (which will be determined and paid quarterly in arrears and
     may equal zero) which would equal the excess, if any, of a weighted
     average of the daily time charter rates for two round-trip trade routes
     traditionally served by Suezmax tankers (Bonny, Nigeria to/from the
     Louisiana Offshore Oil Port, and Hound Point, U.K. to/from Philadelphia,
     Pennsylvania (the "Reference Ports")), over the sum of (A) an agreed
     amount of $8,500 representing daily operating costs, and (B) the Base
     Rate ("Additional Hire"). The amount of Additional Hire, if any, will be
     determined by the London Tanker Brokers Panel or another panel of ship
     brokers mutually acceptable to the Charterer and the Company.

     Revenue from vessel charter is recognized on the basis of the number of
     days in the fiscal period.

     Segment Information: The Company has only one type of vessels - oil
     tankers on bareboat charters. As a result, management, including the
     chief operating decision makers, reviews operating results solely by
     revenue per day and thus the Company has determined that it operates
     under one reportable segment.

     Interest Rate Swap: In June 1998, the Financial Accounting Standards
     Board (FASB) issued Statement of Financial Accounting Standard (SFAS) No.
     133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS
     133). This standard incorporating the amendments from SFAS 138 requires
     derivative instruments to be recorded in the balance sheet at their fair
     value. Changes in the fair value are recorded to earnings for each period
     unless specific hedge criteria are met. Changes in fair value for
     qualifying cash flow-hedges are recorded in equity and are realized in
     earnings in conjunction with the gain or loss on the hedged item or
     transaction. Changes in the fair value of qualifying hedges offset
     corresponding changes in the fair value of the hedged item in the
     statement of operations.

     Taxes: The Company is incorporated in Bermuda. Under current Bermuda law,
     the Company is not subject to corporate income taxes.

     New Pronouncements: In June 2002, the FASB issued SFAS No. 146,
     "Accounting for Costs Associated with Exit or Disposal Activities." SFAS
     No. 146 provides guidance related to accounting for costs associated with
     disposal activities covered by SFAS No. 144 or with exit or restructuring
     activities previously covered by EITF Issue No. 94-3, "Liability
     Recognition for Certain Employee Termination Benefits and Other Costs to
     Exit an Activity (including Certain Costs Incurred in a Restructuring)."
     SFAS No. 146 supercedes EITF Issue No. 94-3 in its entirety. SFAS No. 146
     requires that costs related to exiting an activity or to a restructuring
     not be recognized until the liability is incurred. SFAS No. 146 will be
     applied prospectively to exit or disposal activities that are initiated
     after December 31, 2002.

     In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN 45"),
     "Guarantor's Accounting and Disclosure Requirements for Guarantees,
     Including Indirect Guarantees of Indebtedness of Others." FIN 45 requires
     that a liability be recorded in the guarantor's balance sheet upon
     issuance of a guarantee. In addition, FIN 45 requires disclosures about
     the guarantees that an entity has issued. The company does not expect FIN
     145 to have any material impact on its results of operations or financial
     condition.

2.   RELATED PARTY TRANSACTIONS

     The Company has entered into a management agreement with Ugland Nordic
     Shipping AS (UNS) under which UNS will provide certain administrative,
     management and advisory services to the Company for an amount of $250,000
     per year. UNS is the Commercial Manager of the Company, and owns as of
     December 31, 2002 10.31% of the shares.

     Management fees expense was $250,000 for 2002, 2001 and 2000.

3.   REVENUE

     The table below illustrates the breakdown of the charter hire for the
     years ended December 31, 2002, 2001 and 2000:

     Year                             2002          2001          2000
     ====================================================================
        Base Hire                  14,782,500    14,782,500    14,823,000
     --------------------------------------------------------------------
        Additional Hire             3,275,489    13,577,068    21,754,262
     --------------------------------------------------------------------
     Total                         18,057,989    28,359,568    36,577,262
     ====================================================================

4.   VESSELS

     The long term assets consist of three suezmax oil tankers built in 1997.

     All Vessel                                  2002            2001
     ====================================================================
     Acquisition cost 1997                    170,775,970     170,775,970

     Accumulated depreciation as of
     December 31                               35,863,005      29,031,965
     --------------------------------------------------------------------
     Book value as of December 31             134,912,965     141,744,005
     ====================================================================

     Depreciation is calculated on a straight-line basis over the estimated
     lifetime of 25 years. The basis for the depreciation is the actual cost
     price of the vessels in 1997, i.e. $170,775,970 in total for the three
     vessels.

5.   ADMINISTRATIVE EXPENSES

                                                2002      2001      2000
     ====================================================================

     Management fee, Ugland Nordic            250,000   250,000   250,000
     Shipping AS
     Directors and officers insurance          86,667    72,333    82,500

     Other fees and expenses                   90,381    31,406    40,791
     --------------------------------------------------------------------
     Total administrative expenses            427,048   353,739   373,291
     ====================================================================

6.   LONG-TERM DEBT

     In 1998, the Company entered into a loan agreement for $30 million with
     Den norske Bank ASA, Oslo (DnB). The loan falls due in full in September
     2004. Interest payments are based on the variable rate of LIBOR plus
     0.525% margin, approximately 2.2825% at December 31, 2002. Accrued
     interest at December 31, 2002 and 2001 was $215,466 and $38,666. The
     Company has pledged the vessels as collateral. In association with the
     loan the Company must meet certain financial covenants. The main
     covenants are associated with change in ownership, new contracts or
     change in existing contracts, minimum value adjusted equity and minimum
     liquidity.

     The Company pays an annual agency fee of $10,000 to DnB in connection
     with the loan.

     Interest on all long-term borrowings is variable, therefore the carrying
     amount of the debt approximates its fair value.

     The Company has entered into an interest swap agreement with DnB,
     enabling the Company to pay a fixed interest on the loan of 5.80%
     annually for the next two years. The swap agreement terminates on the
     final repayment date of the Loan, i.e. the 4th quarter of year 2004.
     Interest on all long-term borrowings is variable, therefore the carrying
     amount of the debt approximates its fair value.

     Prepaid finance costs

     In connection with the loan in 1998, the Company paid $86,875 in an
     arrangement fee and commitment fee. The fees will be amortized over the
     term of the Loan, i.e. with 1/6 every year from January 1, 1999.

7.   SHAREHOLDERS' EQUITY

     Par value of the common shares is $.01. At December 31, 2002 and 2001 the
     number of shares authorized, issued and outstanding was 9,706,606.

8.   DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT

     The Company is exposed to interest rate risk from its variable rate loan
     of $30 million. The Company's risk management objective has been to lock
     in the interest payments on the loan. The Company has entered into an
     interest rate swap where the Company pays a fixed interest and receives a
     variable interest and has designated this swap as a cash flow hedge of
     the interest payments on the loan.

     Gains or losses on the interest rate swap designated as a cash flow hedge
     will be deferred to accumulated other comprehensive income (loss) and
     will be reclassified to earnings when the hedged interest payments are
     recognized. The amount of ineffectiveness recorded in 2002 and 2001 was
     immaterial. As of December 31, 2002, a loss of $1,136,570 after tax is
     expected to be reclassified from accumulated other comprehensive income
     (loss) to earnings during the next twelve months. The maximum length of
     time that the Company has hedged its exposure to variability in future
     interest payments is approximately 24 months as of December 31, 2002.

     The fair value of the swap of $ -2,016,000 is recorded as a liability as
     of December 31, 2002. The fair value of the swap was $-778,000 at
     December 31, 2001.

9.   CONCENTRATIONS

     The Company's charter revenues and accounts receivable are derived
     entirely from bareboat charters with one counterparty, BP Shipping Ltd.

10.  COMMITMENTS AND CONTINGENCIES

     NORWEGIAN TAX PROCEEDING

     In September 2002, the Company received a letter from the Norwegian
     Central Tax Office stating that the Central Tax Office had determined
     that the Company was subject to Norwegian income taxation for the years
     1995 through 2000. Notwithstanding that the Company believed that it had
     no taxable income under Norwegian tax principles in that period, the
     Company believed that the Central Tax Office's determination was without
     merit and appealed it.

     The Norwegian Tax Appeal Board upheld the Company's appeal of the claim
     of the Norwegian Central Tax Office that the Company should be subject to
     Norwegian income tax for the years 1995 to 2000. Accordingly, the tax
     claim was dismissed.

ITEM 18.  EXHIBITS

1.0*      Memorandum of Association and By-Laws of Nordic American Tanker
          Shipping Limited, incorporated by reference to Exhibits 3.1 and 3.2
          in the Registration Statement of Nordic American Tanker Shipping
          Limited filed August 28, 1995 on Form F-3, Registration No. 33-96268
          (the "Registration Statement").

4.1*      Form of Bareboat Charter between Nordic American Tanker Shipping
          Limited and BP Shipping Ltd, incorporated by reference to Exhibit
          10.3 in the Registration Statement filed on Form F-3, Registration
          No. 33-96268.

4.2*      Form of Management Agreement between Nordic American Tanker Shipping
          Limited and Ugland Nordic Shipping AS incorporated by reference to
          Exhibit 10.8 in the Registration Statement on Form F-3, Registration
          No. 33-96268.

4.3       Novation Agreement dated May 30, 2003, among Ugland Nordic Shipping
          AS, Scandic American Shipping Ltd. and Nordic American Tanker
          Shipping Limited.

---------
*    Incorporated herein by reference.
<PAGE>

          99.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act
               of 2002 of the Chief Executive Officer/Chief Financial Officer
               of the Company.

          99.2 Certification pursuant to Section 906 of the Sarbanes-Oxley Act
               of 2002 of the Chief Executive Officer/Chief Financial Officer
               of the Company.

<PAGE>

                                  SIGNATURES

               The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused and
authorized the undersigned to sing this annual report on its behalf.

                                       NORDIC AMERICAN TANKER
                                       SHIPPING LIMITED


                                       By: /s/ Herbjorn Hansson
                                           -----------------------------------
                                           Name:  Herbjorn Hansson
                                           Title: President

DATED: June 27, 2003

01318.0002 #410107