Handytankers News

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year. The average daily TCE rate earned by the vessels in the Handytankers Pool was below the forecasted daily rate, and also lower than the rates earned during the same period in 2015, whilst the LR1 vessel (Nordic Anne) tracked the forecasted daily rate. The softer tanker market led to a decline in gross revenue primarily from the vessels in the Handytankers Pool, and TCE earnings dropped to USD 8.5 million (USD 9.2 million) in Q1 2016. EBITDA decreased to USD 4.2 million (USD 5.2 million) due to the reduction in TCE earnings and higher vessel operating cost in Q1 2016.

Nordic Shipholding has entered a conditional restructuring agreement with Nordic Maritime, who will take over Nordic Ship Holdings debt of about  US$ 58,000,000. The company inform that after the restructuring it will be a tonnage provider in the product tanker segment and the objective is to grow the fleet. The five 37,000 dwt handy-size vessels will remain in commercial management with Maersk, where they participate in the Handytankers Pool, while the technical management of these vessels will remain with TB Marine in Hamburg.

Nordic Shipholding released a report covering the period January 1-June 30, 2013 and consisting of figures related to both the chemical tankers (discontinued operations) that was sold in Q2 2012 and product tankers (continued operations). The company has had a moratorium on its product tanker debt in the past years and has therefore been in close dialogue with its banks and several potential solutions to the company’s financial problems have been considered. However, the banks have notified the company that installments and loan covenants are only deferred three months at a time and latest until December 31, 2013. As a consequence of this…

The company announces that it has been granted a 3-month extension of its moratorium, now due to expire 30, September 2013. There are continuing positive discussions with potential investors to inject new capital and the conditions of doing so. The Company's operations will remain unchanged. Nordic Shipholding A/S is a ship owning company listed on the Copenhagen Stock Exchange. Nordic Shipholding A/S owns six product tanker vessels, five handy tankers and one LR1. The handy tankers are commercially operated by Handytankers K/S (Managed by Maersk Tankers A/S) and the LR1 unit is in the Straits Tankers Pool (Managed jointly by Hafnia Management and Mitsui OSK). The company is administered by Tankers Inc.

Hanne B. Sørensen has been appointed new CEO of Maersk Tankers with effect from 13 February 2012. Hanne B. Sørensen has until now held the position as Chief Commercial Officer (CCO) of Maersk Line and replaces Søren Skou, who recently assumed the position as Maersk Line CEO. "Hanne B. Sørensen comes with experience and a strong track record within international shipping. I am therefore very pleased that Hanne has accepted the position as CEO of Maersk Tankers," says Partner and member of the Executive Board Claus V. Hemmingsen.

Nordic Seaarland Tankers BV has named two new 37,500 dwt product/chemical tankers building at Korea's Hyundai Mipo yard. Mt Nordic Agnetha was delivered on 8th May 2009, while Mt Amy will be delivered in July. Both vessels will be managed by Netherlands-based Seaarland Shipping Management, and will be entered into the Handytankers pool. The two vessels bring the fleet of the Nordic Seaarland joint venture to five modern product/chemical carriers. Nordic Seaarland Tankers BV is a joint venture company established in April 2006 between Seaarland and Nordic Tankers to own modern product tankers.

Veson Nautical, the US-based maritime software developer delivering chartering, operations and accounting solutions for cargo transportation, announced that Motia Compagnia di Navigazione based in Venice, Italy has chosen Vesonís Integrated Maritime Operations System (IMOS). Motia is the technical manager for the Netherlands-based Seaarland Shipping fleet, which implemented Vesonís IMOS last year. IMOS has been managing all aspects of cargo transportation for Seaarlandís fleet, which includes 11 handymax product tankers, 3 panamax bulk carriers, 4 Aframax Tankers, and 3 Panamax tankers. The fleet also includes 23 chartered tankers ranging from 35,000 to 160,000 dwt.

OMI Corporation of Stamford, Ct. has exercised an option to have a sixth 37,000 dwt ice class 1A product carrier constructed for it by Hyundai Mipo Dockyard Co., Ltd in Ulsan, Korea; (2) it has entered into time charters for the fifth and sixth of the 37,000 dwt product carriers with the Handytankers KS pool operated by an affiliate of A.P. Moller of Copenhagen for five years from the deliveries in 2005; both of the charters have a base rate and profit sharing on earnings above the base rate. Five of the six vessels now on order have five year time charters with a base rate and profit sharing; (3) the time charters on the vessels RHONE and SEINE with a subsidiary of Total…

tankers. Shipbuilding Co and will enter service with the Handytankers pool. welcome these two new vessels to our fleet. aframaxes from China - all due for delivery between 2007 and 2009. The Italian-flag Alice and Aurora will be managed from Venice by Motia. capability of 2,700 cu m/hr with six segregations. speed of 14.6 knots.

Seaarland Shipping Management and Nordic Tankers signed a joint venture that will see both of these companies enter the Handysize product carrier market. The joint venture will involve investment in modern second-hand vessels as well as new buildings. The vessels will be jointly owned by both partners in varying proportions. The first acquisition by the joint venture, the 2000-built 35,820 dwt Hanne, is to be concluded soon. Seaarland will be fully responsible for managing the vessels which will be operated in the Handytankers pool, currently made up of vessels from Seaarland, Maersk, D'Amico, Motia and CST.

from STX Shipbuilding, Korea. Pool. very high quality product carriers. for product tankers. carry Italian crew. STAR HULL NB, +AUT-CCS, VCS, Green Star (Clean Air & Clean Sea). in the cargo area and in way of fuel oil tanks. ballast tanks. submerged centrifugal pumps rated for 450 m3/hr x 130 MLC at S.G. cst. knots at the loaded draft of 10.5 m. 6S46MC capable of burning fuel up to 700 cst. 750 KW aids manoeuvring.

from STX Shipbuilding, Korea. Pool. very high quality product carriers. for product tankers. carry Italian crew. STAR HULL NB, +AUT-CCS, VCS, Green Star (Clean Air & Clean Sea).