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<SEC-DOCUMENT>0000941655-99-000007.txt : 19990217
<SEC-HEADER>0000941655-99-000007.hdr.sgml : 19990217
ACCESSION NUMBER:		0000941655-99-000007
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990216

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKER SHIPPING LTD
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-51685
		FILM NUMBER:		99538495

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX HM 1179
		CITY:			HAMILTON HMEX BERMUD
		STATE:			D0
		BUSINESS PHONE:		4412952244

	MAIL ADDRESS:	
		STREET 1:		PO BOX HM 1179
		STREET 2:		HM EX
		CITY:			HAMILTON
		STATE:			D0

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OZ MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001054587
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		153 EAST 53RD STREET, 43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2122925900
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G AMENDMENT NO. 1
<TEXT>



                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549


                           SCHEDULE 13G

            Under the Securities Exchange Act of 1934
                        (Amendment No. 1)*


             Nordic American Tanker Shipping Limited
            -----------------------------------------
                         (Name of Issuer)


                   Common Stock, $.01 par value
            -----------------------------------------
                  (Title of Class of Securities)


                            G65773106
            -----------------------------------------
                          (CUSIP Number)


                         October 30, 1998
            -----------------------------------------
     (Date of Event Which Requires Filing of this Statement)


         Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

         [ ] Rule 13d-1(b)

         [X] Rule 13d-(c)

         [ ] Rule 13d-1(d)

         *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 the disclosures provided in a prior cover page.

         The information required in 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).


<PAGE>

                                     CUSIP No. G65773106


1    NAME OF REPORTING PERSON
     I.R.S. Identification No. of above person (entities only).

     OZ Management, L.L.C.


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 
                                                     
                                                       (a) [  ]
                                                       (b) [  ]

3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware


     NUMBER OF SHARES BENEFICIALLY OWNED BY
     EACH REPORTING PERSON WITH:

         5    SOLE VOTING POWER

              0 Shares 
         
         6    SHARED VOTING POWER

              49,710 Shares 


         7    SOLE DISPOSITIVE POWER

              0 Shares 


         8    SHARED DISPOSITIVE POWER

              49,710 Shares 


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         49,710 Shares 

    
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         0.5%


12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         OO/IA     


<PAGE>


                                     CUSIP No. G65773106


1    NAME OF REPORTING PERSON
     I.R.S. Identification No. of above person (entities only).

     OZ Master Fund, Ltd.


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 
                                                     
                                                       (a) [  ]
                                                       (b) [  ]

3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION

      Cayman Islands


     NUMBER OF SHARES BENEFICIALLY OWNED BY
     EACH REPORTING PERSON WITH:

         5    SOLE VOTING POWER

              0 Shares 
         
         6    SHARED VOTING POWER

              0 Shares 


         7    SOLE DISPOSITIVE POWER

              0 Shares 


         8    SHARED DISPOSITIVE POWER

              0 Shares 


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         0 Shares 


10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         0.0%


12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         CO   

<PAGE>

                                     CUSIP No. G65773106


1    NAME OF REPORTING PERSON
     I.R.S. Identification No. of above person (entities only).

     Och-Ziff Capital Management, L.P.


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 
                                                     
                                                       (a) [  ]
                                                       (b) [  ]

3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware


     NUMBER OF SHARES BENEFICIALLY OWNED BY
     EACH REPORTING PERSON WITH:

         5    SOLE VOTING POWER

              0 Shares 
         
         6    SHARED VOTING POWER

              49,710 Shares 


         7    SOLE DISPOSITIVE POWER

              0 Shares 


         8    SHARED DISPOSITIVE POWER

              49,710 Shares 


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         49,710 Shares 

    
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         0.5%


12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         PN   


<PAGE>



         This Amendment No. 1 to Schedule 13G amends a Schedule 13G, dated
October 30, 1998, with respect to the Common Stock, par value $.01 per share
(the "Shares") of Nordic American Tanker Shipping Limited, a Bermuda
corporation (the "Company"), beneficially owned by OZ Management, L.L.C., OZ
Master Fund, Ltd. and Och-Ziff Capital Management, L.P. as follows below. 
This Amendment is filed to amend Items 2, 4 and 5 (as of December 31, 1998)
contained in the Schedule 13G.


         Item 1.  No amendment.

         Items 2(a), (c)-(e)  No amendment.

         Item 2(b)  Address or principal business office or, if none, residence:

         The address of the principal business office of Och-Ziff Capital
Management, L.P. is 153  East 53rd Street, 44th Floor, New York, New York
10022.


         Item 3.  No amendment.


         Item 4.  Ownership

         See cover page for each Reporting Person.
         

         Item 5.  Ownership of 5 Percent or Less of a Class. 

         If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following:      [x]


         Item 6. - 9.   No amendment.


         Item 10. Certifications

         By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were not acquired and are not held 
for the purpose of or with the effect of changing or influencing the control 
of the issuer of the securities and were not acquired and are not held in 
connection with or as a participant in any transaction having that purpose 
or effect. 

<PAGE>



                            SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Dated:  February 12, 1999.   


OZ MANAGEMENT, L.L.C.

By:  /s/ Daniel S. Och
- --------------------------------
Name:   Daniel S. Och
Title:  Managing Member


OZ MASTER FUND, LTD.
By:  OZ MANAGEMENT, L.L.C.
     as Investment Manager

By:  /s/ Daniel S. Och
- ----------------------------------
Name:  Daniel S. Och
Title:  Managing Member


OCH-ZIFF CAPITAL MANAGEMENT, L.P.
By:  OCH-ZIFF ASSOCIATES, L.L.C.
     as General Partner

By:  /s/ Daniel S. Och
- -----------------------------------
Name:    Daniel S. Och
Title:   Managing Member


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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