<PAGE>

                          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, 1999

                               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
__________________________________________________________________
     (Exact name of Registrant as specified in its charter)

                       ISLANDS OF BERMUDA
__________________________________________________________________
         (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




<PAGE>

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































                                2



<PAGE>


                     NORDIC AMERICAN TANKER
                        SHIPPING LIMITED

               1999 Annual Report to Shareholders















                            BUSINESS

GENERAL

    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") and engaging in activities necessary,
suitable or convenient to accomplish, or in connection with or
incidental to, the foregoing.  The principal executive offices of
the Company are located at: Cedar House, 41 Cedar Avenue,
Hamilton HM EX, Bermuda, telephone number (441) 295-2244.

    In September 1995, the Company offered and sold to the public
11,731,613 warrants ("Warrants") at the initial public offering
price of $5.00 per Warrant. The exercise price of a Warrant was
$10.21. Prior to September 30, 1997 (the "Exercise Date"), the
Company did not have any operations other than certain limited
operations related to the acquisition of the Vessels, of which
all three were delivered in the last half of 1997. The Company
now owns three modern double hull 150,000 dead-weight tonne
("dwt") Suezmax tankers (the "Vessels").  The Vessels were built
at Samsung Heavy Industries Co. Ltd. in South Korea (the
"Builder").

    On September 30, 1997, all of the outstanding Warrants of the
Company were exercised at an exercise price of $10.21 per
Warrant. The Company received a total of $119,779,768.73 by
issuing a total of 11,731,613 new Common Shares (the "Shares").
At that time there was a total of 11,813,850 Shares in issue.


                                3



<PAGE>

Expenses in the total amount of approximately $337,000 related to
the exercise of the Warrants were deducted from the proceeds of
the exercise.

    On October 6, 1997, the Company paid to the Charterer for
payment to the Builder a total of $119,490,000 for final payment
of the three Vessels.

    On November 30, 1998, the Company's shareholders approved a
proposal to allow the Company  to borrow money for the purpose of
repurchasing its Shares.  On December 28, 1998, the Company
purchased 2,107,244 Shares through a "Dutch Auction" self-tender
offer at a price of $12.50 per Share.  In addition, the Company
paid $715,000 in transaction costs.  After the repurchase, a
total of 9,706,606 Shares are in issue, down from 11,813,850
Shares.

    Pursuant to an agreement (the "Management Agreement") between
the Company and its Manager, Ugland Nordic Shipping ASA (the
"Manager"), the Manager provides certain management,
administrative and advisory services to the Company.

VESSELS OWNED BY THE COMPANY

    Each Vessel acquired by the Company is a 1997 built, 151,459
dwt double hull Suezmax oil tanker. The purchase price of each
Vessel was approximately $56.9 million (the "Original Contract
Price"). 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").

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

CHARTERING OPERATIONS COMMENCED ON SEPTEMBER 30, 1997

    By their terms, each Vessel is chartered to BP Shipping Ltd.
(the "Charterer"), pursuant to separate "hell and high water"
bareboat charters (the "Charters"). The initial term of these
charters is from September 30, 1997 and will end approximately
seven years after the such 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 holders of the Company's Shares in amounts
substantially equal to the amounts received by it under the
Charters, less expenses.  In 1999, a portion of these dividends
was considered return of capital for United States federal income
tax purposes.


                                4



<PAGE>

    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 1999, the Company did not receive Additional Hire
for any of the 4 quarter periods.

    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 of any kind or whether such
Vessel or any part thereof is rendered unfit for use or is
requisitioned for hire or for title, and regardless of any other
reason whatsoever.  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 Amoco p.l.c., the successor
company to the merger between Amoco Corp and The British
Petroleum Company p.l.c.

    The Charters will end approximately seven years after
September 30, 1997, unless extended as noted above.  At least six
months prior to the end of the term (including any extension
thereof) of a Charter, the holders of the Shares will be entitled
to vote on a proposal to sell the related Vessels and to
distribute the net proceeds of such sale to the holders of the
Shares to the extent permitted under Bermuda law.  The Board of
Directors of the Company (the "Board") will make a recommendation
as to that proposal, which recommendation 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.






                                5



<PAGE>

NATURE OF TRADING MARKET

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

    The high and low bid prices for the Shares by quarter, in
1998 and 1999 are as follows:

                       AMEX     AMEX         OSE         OSE
                       LOW      HIGH         LOW         HIGH

For the quarter ended:

March 31, 1998        $14 7/8   $16 1/2   NOK 110.00  NOK 120.00
June 30, 1998         $14 3/4   $16 1/4   NOK 115.00  NOK 129.00
September 30, 1998    $11 3/4   $15 1/2   NOK 125.00  NOK 125.00
December 31, 1998     $10 3/4   $13 1/2   NOK  95.00  NOK  99.00
March 31, 1999        $10 1/8   $11 5/8   NOK   NA    NOK   NA
June 30, 1999         $10 7/8   $11 3/4   NOK   NA    NOK   NA
September 30, 1999    $11 1/4   $12 3/4   NOK  95.00  NOK  95.00
December 31, 1999     $10 1/8   $12       NOK  94.00  NOK  95.00

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

    On December 31, 1999, the closing price of the Shares as
quoted on the AMEX was $10 5/8 and as quoted on the OSE was NOK
94.00.  On such date, there were 9,706,606 Shares issued and
outstanding.





















                                6



<PAGE>

SELECTED FINANCIAL INFORMATION

    The following Balance Sheet as of December 31, 1999 and
Income Statement for the period January 1, 1999 through December
31, 1999, have been derived from the Financial Statements of the
Company which are included herein and which have been audited by
Deloitte & Touche, independent auditors, whose report thereon is
also included herein.  The Balance Sheet information provided
below should be read in conjunction with the accompanying
Financial Statements and the related notes thereto, and the
discussion under Management's Discussion and Analysis of
Financial Condition and Results of Operations herein.

                    BALANCE SHEET INFORMATION
                        DECEMBER 31, 1999

ASSETS:

    Cash and cash on deposit             $ 2,507,017
    Prepaid Finance Expenses                  72,395
    Prepaid Insurance                         70,833
    Vessels                              155,406,085
                                       -------------

         Total Assets                  $ 158,056,330
                                       =============

LIABILITIES:

         Accrued interest
          on Bank Loan                        77,333

         Bank Loan                        30,000,000

SHAREHOLDERS' EQUITY:

    9,706,606    common shares, par value
                 $0.01 per share, outstanding,
                 50 million authorized      $ 97,066

         Other Shareholders Equity     $ 127,881,931
                                       -------------

         Total Liabilities and Equity  $ 158,056,330
                                       =============








                                7



<PAGE>

          INCOME STATEMENT INFORMATION JANUARY 1, 1999
                    THROUGH DECEMBER 31, 1999

    Revenue                            $ 14,782,500
    Ship brokers commission                (184,781)
    Management fee & Misch.
      administration cost                  (314,004)
    Directors Insurance                     (97,500)
    Depreciation                         (6,831,039)
    -------------------------------------------------
    Net operating income                  7,355,176
    Net financial items                  (1,580,500)

    NET PROFIT FOR THE YEAR            $  5,774,676
    ==================================================


        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS

Overview

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

    The Charterer has agreed to charter each Vessel for a period
of seven years from September 30, 1997.  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.

    In January 2000, the Brokers Panel in London determined that
there would be no Additional Hire for the period October 1 to
December 31, 1999.  The total charterhire for 1999 was thus
$14,782,500.  Charterhire (time charter equivalent) in each
quarter of 1999 was $22,000 per day per Vessel, respectively.

    On January 3, 2000, the Company received $3,685,500 in Base
Hire from the Charterer for the period from January 1 up to March
31, 2000.




                                8



<PAGE>

RESULTS OF OPERATIONS

    The Company's revenues from the charterhire for the period
January 1 to December 31, 1999 derived from Base Hire of
$14,782,500 ($13,500 per day per Vessel).

    Net costs during the period from January 1 to December 31,
1999, were $7,427,324 of which twelve months depreciation of the
Vessels constitutes $6,831,039.

LIQUIDITY AND CAPITAL RESOURCES

    Total assets of the Company at December 31, 1999 were
$158,056,330 compared to $166,045,090 at December 31, 1998.  Cash
held at December 31, 1999 was $2,507,017.

DIVIDEND PAYMENT

    Total dividend paid out in 1999 was $13,103,918 or $1.35 per
Share.  The dividend payments in 1999 have been as follows:

         1st  quarter        $0.32 per share
         2nd quarter         $0.32 per share
         3rd quarter         $0.35 per share
         4th quarter         $0.36 per share

    NAT has declared a dividend of $0.34 for the first quarter of
2000.  The dividend of $0.34 will be paid to Shareholders in
February 2000.

    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.





                                9



<PAGE>

REPURCHASE OF COMMON STOCK

    On December 28, 1998, the Company repurchased 2,107,244
Shares through a "Dutch Auction" self-tender offer at a price of
$12.50 per Share.  After the repurchase, a total of 9,706,606
Shares are in issue, down from 11,813,850 Shares.  Payment for
the repurchased Shares was made at the end of December 1998.

    In 1998 the Company made a drawn down of a Loan of $30.0
million with Den norske Bank ASA, Oslo, Norway (DnB) to finance
the repurchase of Shares.  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 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, making the Company paying a fixed interest on the Loan of
5.80 % p.a. including the margin of 0.525 % for the next 5 years.
The swap agreement terminates on the final repayment date of the
Loan, i.e. the fourth quarter of the year 2004.

                     DIRECTORS AND OFFICERS

DIRECTORS AND SENIOR MANAGEMENT OF THE COMPANY AND THE MANAGER

    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 and the Manager.  Directors
of the Company are elected annually, and each director elected
holds office until a successor is elected.  Officers of both the
Company and the Manager are elected from time to time by vote of
the respective board of directors and hold office until a
successor is elected.









                               10



<PAGE>


                                 THE COMPANY

    NAME                         AGE             POSITION

    Herbjorn Hansson             52              Director and President
    John D. Campbell             57              Director and Secretary *
    Niels Erik Feilberg          38              Vice President and Treasurer
    Tharald Brovig               57              Director
    Hon. Sir David Gibbons       72              Director
    George C. Lodge              72              Director
    Axel Stove Lorentzen         47              Director
    Andreas Ove Ugland           45              Director

    *    John D. Campbell resigned as Director and Secretary of the Company at
         the General Shareholders Meeting on May 12, 1999. In the same meeting
         Peter Bubenzer of Appleby, Spurling & Kempe, Bermuda was appointed
         new Secretary of the Company

                                 THE MANAGER

    NAME                         AGE             POSITION

    Arve Andersson               45              Director
    Tharald Brovig               57              Director
    Niels Erik Feilberg          38              Chief Financial Officer
    Herbjorn Hansson             52              Director; President and
                                                   Chief Executive Officer
    Njol Hansson                 57              Director
    Ulf G. Ryder                 48              Director
    Christian Rytter Jr          44              Director
    Andreas Ove Ugland           45              Director, Chairman

    Certain biographical information with respect to each
director and executive officer of the Company and the Manager 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 Independant 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.



                               11



<PAGE>

     John D. Campbell was the Secretary of the Company and a
director of the Company from July 1995 to May 1999.  Mr. Campbell
has been a Senior Partner of the law firm of Appleby, Spurling &
Kempe, Bermuda counsel to the Company, since December 1987.

    Niels Erik Feilberg has been Vice President and Treasurer of
the Company since July 1995 and is Chief Financial Officer of the
Manager, which he has been with since 1994.  He was working in
the Treasury Department of Anders Jahre/Kosmos Group from 1987
and in the same area in the Skaugen Group from 1989 to the end of
1993.

    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.

    Axel Stove Lorentzen has been a director of the Company since
September 1995.  Mr. Stove Lorentzen has also served as a
director and Chairman of the Manager since May 1991 and September
1993 to June 1996, respectively, a director and Chairman of
Lorentzen & Stemoco A/S since January 1981 and November 1994,
respectively, and as a director of Skipskredittforeningen AS from
March 1988 to May 1996.  Mr. Stove Lorentzen formerly served as a
director of Grand Hotel A/S from May 1986 to October 1993 and a
director of Belships Company Ltd. Ships A/S from February 1984 to
June 1993.

    Njol Hansson has been a director of the Manager since its
organization in June 1989.  Mr. Hansson is a private investor and
owns the company Siv.ing, Njol Hansson A/S is a company engaged
in the importing and distribution of consumer electronics in
Norway.  Mr. Hansson is the brother of Herbjon Hansson.

    Arve Andersson  has been a director of the Manager since June
1996.  Mr Andersson has been a director of Andreas Ugland & Sons
AS and is now a senior partner in Markus & Co. A.S.




                               12



<PAGE>

    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, Hoegh 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.

    Ulf G. Ryder has been a Director of the Manager since June
1999.  Mr. Ryder is Managing Director of Stena Bulk AB of
Gothenburg, Sweden.

    Christian Rytter Jr  has been a director of the Manager since
May 1996.  Mr. Rytter is Managing Director of L.Giil-Johannessen
AS and is also Chairman of Seabulk a.s.


             COMPENSATION OF DIRECTORS AND OFFICERS

    Pursuant to the Management Agreement, the Manager will pay
from the Management Fee the annual directors' fees of the
Company, currently estimated at an aggregate amount of $52,000
per annum hence from the inception of the Company through
December 31, 1999 the Directors of the Company have not been paid
by the Company any amount for services rendered by them to the
Company in all capacities.

INTEREST OF MANAGEMENT IN CERTAIN TRANSACTIONS

    The Manager owns 2,144,971 (22.10%) Shares in the Company as
of the date hereof and is party to the Management Agreement with
the Company, pursuant to which the Manager is entitled to a
management fee of $250,000 per annum.

ADDITIONAL INFORMATION

    The Company will file with the Securities and Exchange
Commission an Annual Report on Form 20-F.  A copy of such report
is available without cost to each shareholder.

    BP Amoco p.l.c, the successor company to the merger between
Amoco Corp and The British Petroleum Company p.l.c., files annual
reports on Form 20-F (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.

                              NORDIC AMERICAN TANKER
                              SHIPPING LIMITED




                               13



<PAGE>

NORDIC AMERICAN TANKER SHIPPING LIMITED


TABLE OF CONTENTS.
_________________________________________________________________


                                                             Page

INDEPENDENT AUDITORS' REPORT                                    1

FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 1999 AND FOR THE PERIOD FROM
JANUARY 1, 1999 THROUGH DECEMBER 31, 1999:

Balance Sheets                                                  2

Statement of Operations                                         3

Statements of Cash Flows                                        4

Notes to Financial Statements                                 5-6


































<PAGE>

INDEPENDENT AUDITOR'S REPORT


To the Board of Directors of
Nordic American Tanker Shipping Limited
Bermuda


We have audited the accompanying balance sheets of Nordic
American Tanker Shipping Limited as of December 31, 1999 and the
related statements of operations, shareholders' equity and cash
flows for the year ended December 31, 1999.  These financial
statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on the financial
statements based on our audit.

We have conducted our audit in accordance with generally accepted
auditing standards.  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 audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all
material respects, the financial position of Nordic American
Tanker Shipping Limited as of December 31, 1999 and the result of
its operations and its cash flows for the year ended December 31,
1999 in conformity with generally accepted accounting principles.


/s / Deloitte & Touche
_________________________
     Deloitte & Touche


January 21, 2000













                                1



<PAGE>

BALANCE SHEET AT DECEMBER 31.
(all figures are in $)


ASSETS

CURRENT ASSETS                            1999          1998

Bank deposits                Note 1      2,507,017     3,637,758
Prepaid finance costs        Note 5         72,395        86,875
Prepaid insurance                           70,833        83,333
                                       -----------   -----------
Total current assets                     2,650,245     3,807,966

LONG TERM ASSETS

Vessels                      Note 3    155,406,085   162,237,124
                                       -----------   -----------
Total long-term assets                 155,406,085   162,237,124

TOTAL ASSETS                           158,056,330   166,045,090
                                       -----------   -----------

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES                       1999          1998

Accounts payable                                 0       675,384
Accrued interest on
  Bank loan                  Note 5         77,333        43,781
                                        ----------    ----------
Total Current  Liabilities                  77,333       719,165

LONG-TERM LIABILITIES

Mortgage Loan                Note 5     30,000,000    30,000,000
                                        ----------    ----------
Total Long-term liabilities             30,000,000    30,000,000

SHAREHOLDERS EQUITY

Share Capital                Note 6         97,066        97,066
Other Shareholders Equity    Note 6    127,881,931   135,228,859
                                       -----------   -----------
Total Shareholders Equity              127,978,997   135,325,925

TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY                    158,056,330   166,045,090
                                       -----------   -----------




                                2



<PAGE>

PROFIT AND LOSS ACCOUNT
(all figures are in $)

                                          1999          1998

Operating revenues                      14,782,500    16,006,199
Ship brokers commission                  (184,781)     (184,781)
Administrative expenses      Note 2,4    (411,504)     (412,779)
Depreciation                 Note 3    (6,831,039)   (6,831,039)
                                       -----------   -----------

Net operating income                     7,355,176     8,577,600

Interest income                            214,532       105,999
Interest expense             Note 5    (1,767,449)      (43,781)
Other finance charges        Note 5       (27,583)      (10,306)
                                       -----------    ----------
Net financial income                   (1,580,500)        51,912

NET PROFIT BEFORE TAX                    5,774,676     8,629,512
                                       -----------    ----------
Tax expense                                      0             0

NET PROFIT FOR THE YEAR                  5,774,676     8,629,512
                                       -----------    ----------

Earnings per share (EPS)                      0.59          0.73


























                                3



<PAGE>

STATEMENT OF CASH FLOW
(all figures are in $)

CASH FLOW FROM                            1999           1998
  OPERATING ACTIVITIES

Net profit (loss)                        5,774,676     8,629,512
Depreciation                             6,831,039     6,831,039
Increase (decrease) in
  receivables and payables              (614,852)    (2,682,212)

NET CASH USED IN
  OPERATING ACTIVITIES                  11,990,863    12,778,339

CASH FLOW FROM INVESTING ACTIVITIES
Investment in Vessels                            0             0

                                        ----------    ----------
CASH FLOW USED IN INVESTING ACTIVITIES           0             0

CASH FLOW FROM FINANCING ACTIVITIES
Additional warrant issue costs            (17,686)      (36,676)
Dividends paid                        (13,103,918)  (15,712,421)
Bank Loan                                        0     0,000,000
Repurchase of Common Stock                       0  (27,055,933)

CASH FLOW PROVIDED BY
  FINANCING ACTIVITIES                (13,121,604)  (12,805,030)

NET (DECREASE) INCREASE IN CASH        (1,130,741)      (26,691)
                                      ------------   -----------

BEGINNING CASH AND CASH EQUIVALENT       3,637,758     3,664,449
                                      ------------   -----------

END CASH AND CASH EQUIVALENT             2,507,017     3,637,758
                                      ------------   -----------
















                                4



<PAGE>

NORDIC AMERICAN TANKER SHIPPING LIMITED


NOTES TO FINANCIAL STATEMENTS
PERIOD JANUARY 1, 1999 THROUGH DECEMBER 31, 1999
____________________________________________________

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Cash and Cash on Deposit - Cash and cash on deposit consists
of all cash and demand deposits with a maturity of three months
or less.

    Income and Expenses - The Company accounts for all income and
expenses using the accrual method of accounting.

    Income taxes - The Company is not subject to taxation in the
United States of America.

2.  RELATED PARTY TRANSACTION

    The Company has entered into a management agreement with
Ugland Nordic Shipping ASA (UNS) under which UNS will provide
certain administrative, management and advisory services to the
Company for an amount of $250,000 per year. In addition, a fee of
$1.85 million was in 1995 was paid by the Company to UNS on the
date of the issuance of the warrants in consideration for certain
of UNS' previous activities on behalf of the Company prior to the
consummation of the offering.

    This fee was included as part of the offering costs in 1995.

DEPRECIATION

    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.

    ALL VESSELS
    Total cost price in 1997                        $170,775,970
    Accumulated depreciation per January 1, 1999    $  8,538,846
    Depreciation January 1 through
      December 31, 1999                             $  6,831,039
                                                    ------------
    Book value per December 31, 1999                $155,406,085

    BRITISH HARRIER
    Total cost price in 1997                        $ 56,926,900
    Accumulated depreciation per January 1, 1999    $  2,846,345



                                5



<PAGE>

    Depreciation January 1 through
      December 31, 1999                             $  2,277,076
    Book value per December 31, 1999                $ 51,803,479

    BRITISH HAWK
    Total cost price in 1997                        $ 56,926,900
    Accumulated depreciation per January 1, 1999    $  2,846,345
    Depreciation January 1 through
      December 31, 1999                             $  2,277,076
                                                    ------------
    Book value per December 31, 1999                $ 51,803,479

    BRITISH HUNTER
    Total cost price in 1997                        $ 56,922,170
    Accumulated depreciation per January 1, 1999    $  2,846,156
    Depreciation January 1 through
      December 31, 1999                             $  2,276,887
    Book value per December 31, 1999                $ 51,799,127

ADMINISTRATIVE EXPENSES

    Management fee, Ugland Nordic Shipping ASA       $   250,000
    Directors and officers insurance                 $    97,500
    Other fees and expenses, mostly related to
    Repurchasing of Shares                           $    64,004
                                                     -----------
    Total administrative expenses                    $   411,504

MORTGAGE LOAN, ACCRUED INTEREST, PREPAID FINANCE COSTS

    The Company has drawn upon a Loan of $ 30 mill with Den
norske Bank, Oslo (DnB) to finance the repurchase of shares.  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
% p.a. including the margin of 0.525 % for the next 5 years.  The
swap agreement terminates on the final repayment date of the
Loan, i.e. the 4th quarter of year 2004.

    The Company pays an annual agency fee of $10,000 to DnB in
connection with the $30.0 mill. Loan.

    ACCRUED INTEREST AT DECEMBER 31, 1999

    $30 mill, LIBOR 5.80 % for 16 days, $77,333.

    PREPAID FINANCE COSTS

         In connection with the draw down of the Mortgage Loan in
1998 of $30 mill, 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.


                                6



<PAGE>

STATEMENT OF SHAREHOLDERS EQUITY
YEAR ENDED DECEMBER 31, 1999, 1998 AND 1997

                              COMMON STOCK          CLASS B STOCK     OTHER
                         ISSUED SHARES AMOUNT  ISSUED SHARES AMOUNT   EQUITY

BALANCE DECEMBER 31,
  1996                      82,237       822      12,000   12,000  51,586,857
-----------------------------------------------------------------------------
Repurchase of B Stock                            -12,000  -12,000
Exercise of Warrants to
  Common Stock          11,731,613   117,316                      119,662,453
Common Stock issue
  cost                                                               -336,907
Transfer from other
  equity 1)                                                        -1,529,048
-----------------------------------------------------------------------------
BALANCE DECEMBER 31,
  1997                  11,813,850   118,138           0        0 169,383,355
-----------------------------------------------------------------------------
Repurchase of Common
  Stock                 -2,107,244   -21,072                      -26,319,478
Repurchase cost                                                      -715,383
Additional Warrant
  exercise cost                                                       -36,676
Transfer from other
  equity 1)                                                        -7,082,959
-----------------------------------------------------------------------------
BALANCE DECEMBER 31,
  1998                   9,706,606    97,066           0        0 135,228,859
-----------------------------------------------------------------------------
Additional costs,
  Repurchase of Shares                                                -17,686
Transfer from other
  equity 1)                                                        -7,329,242
-----------------------------------------------------------------------------
BALANCE OF DECEMBER 31,
  1999                   9,706,606    97,066           0        0 127,881,931

1)  This is part of the amount that the Company paid out of equity for
dividends.  As the Company distributes all available cash, its distributions
may exceed its net profit.  The Company has also paid additional capital
transaction costs related to the warrant exercise and repurchase of shares in
1997, 1998 and 1999.


                                 * * * * * *






                                      7
01318002.AW8