UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 7
Name of Issuer: Nordic American Tanker Shipping Limited
Title of Class of Securities: Common Shares
CUSIP Number: G65773106
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Herbjorn Hansson, c/o Ugland Nordic Shipping ASA,
Thor Dahls gt. 1-3, P.O. Box 54, 3201 Sandefjord, Norway
(Date of Event which Requires Filing of this Statement)
November 2, 2001
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule
13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. G65773106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
UGLAND NORDIC SHIPPING ASA
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b) x
3. SEC USE ONLY
4. SOURCE OF FUNDS*
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) of 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Norway
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH:
7. SOLE VOTING POWER
1,150,221
8. SHARED VOTING POWER
9. SOLE DISPOSITIVE POWER
1,150,221
10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,150,221
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.85%
14. TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
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The purpose of this Amendment No. 7 to the previously filed
Schedule 13D is to report that the ownership of Ugland Nordic
Shipping ASA ("Ugland") (the "Reporting Person") in the Common
Shares, $.01 par value (the "Shares"), of Nordic American Tanker
Shipping Limited (the "Issuer") has decreased by more than 1% of
the total outstanding Shares since the date of the last
Amendment. The ownership of Ugland has decreased from 14.41% to
11.85% of the total outstanding Shares.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
This statement is being filed on behalf of Ugland, a
Norwegian shipping company. Herbjorn Hansson is the
President and Chief Executive Officer of Ugland. The
address for Ugland is Thor Dahls gt.1-3, P.O. Box 54,
3201 Sandefjord, Norway. Ugland has recently been
acquired by a subsidiary of Teekay Shipping Corp. (NYSE:
TK), a publicly traded shipping company headquartered in
Nassau, Bahamas. Ugland continues to operate
independently.
The Reporting Person has not, during the last five
years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
None of the Reporting Persons has, during the last five
years, been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction which
resulted in a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating
activities subject to federal or state securities laws
or finding any violations with respect to such laws.
Herbjorn Hansson is a citizen of Norway.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, Ugland owns 1,150,221 Shares.
Item 4. Purpose of Transactions
The Shares acquired by the Reporting Person were
acquired for, and were sold for, investment purposes.
The Reporting Person has no plan or proposal which
relates to, or would result in, any of the actions
enumerated in Item 4 of the instructions to Schedule
13D.
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Item 5. Interest in Securities of Issuer
As of the date hereof, Ugland owns, 1,150,221 Shares.
As of the date hereof, there were 9,706,606 Shares
outstanding. Therefore, Ugland owns 11.85% of the
outstanding Shares. The Reporting Person has the sole
power to vote, direct the vote, dispose of or direct the
disposition of all the Shares that it owns. All
transactions in the Shares effected by the Reporting
Person since the most recent filing on Schedule 13D were
effected in open-market transactions and are set forth
in Exhibit 1.
Herbjorn Hansson disclaims beneficial ownership of the
securities covered by this Schedule 13-D pursuant to
Rule 13d-4.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
No change.
Item 7. Material to be Filed as Exhibits
1. A description of the transactions in the Shares
that were effected by the Reporting Person.
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Signature
The undersigned, after reasonable inquiry and to the
best of its knowledge and belief, certifies that the information
set forth in this statement is true, complete and correct.
UGLAND NORDIC SHIPPING ASA
By: /s/ Herbjorn Hansson
Herbjorn Hansson
President and Chief
Executive Officer
Dated: November 6, 2001
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Exhibit 1
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Sold (gross)
_____ ___________ ________________
6/8/01 8,800 $21.25
6/9/01 14,300 $20.53
6/15/01 32,500 $19.26
10/16/01 3,500 $16.18
10/18/01 91,500 $15.51
10/22/01 6,900 $15.31
10/23/01 35,300 $15.05
10/24/01 1,000 $14.61
11/2/01 55,000 $13.28
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01318002.BA2