Tommy Thomsen News

In its summary of interim report Q3 2011, Nordic Tankers said that in the third quarter of 2011 the time charter equivalent (TCE) revenue dropped back to the low levels of the first quarter of 2011. The main reason was the continued weak freight rates, a result of low general market activity combined with a slow summer market in the first two months of the quarter. EBITDA was $0.7 million in Q3 2011, down from $4.8 million in Q2 2011. Nevertheless compared to the first nine months of 2010 both revenue and EBITDA have developed positively, the primary reason being an improved leverage of the cost base. Year to date the TCE revenue in Nordic Tankers increased by $23.5 million to $74.1 million compared to the same period in 2010 ($50.6 million).

The second quarter of 2011 saw slightly improved time charter equivalent (TCE) revenue resulting in improved results compared to the first quarter 2011, and led to an impoved H1 2011 EBITDA compared with H1 2010. EBITDA in Q2 2011 was $4.8 million, up from $1.5 million in Q1 2011, and cash flow was a positive USD 4.3 million compared to a negative cash flow in Q1 2011 of USD 6.1 million, Nordic Tankers reported for the first half of 2011. In H1 2011 Nordic Tankers’ TCE revenue increased by $20.4 million compared to H1 2010 to $51.2 million ($30.8 million). EBITDA was $6.3 million in H1 2011 ($1.9 million) and the result before tax was a loss of $5.9 million ($-12.0 million).

Nordic Tankers has today carried out a directed issue of 1,181,809 new shares to former minority investors in the five stainless steel vessels acquired from Clipper and other investors in January 2010. The issue increases Nordic Tankers’ share capital by 3.1% from DKK 37,764,888, nominal value, to DKK 38,946,697, nominal value, and as the share issue constitutes less than 10% of the outstanding share capital no prospectus is required. The share issue is based on a partial utilization…

Nordic Tankers has taken two chemical tankers of 16,000 tons deadweight (dwt) on time charter. The sister vessels, which were built in Italy in 2001 and 2004, are equipped with 25 stainless steel tanks and live up to IMO’s requirements to be able to carry all types of chemicals. The charters follow Nordic Tankers’ strategy to use the current weak market to increase the time charter fleet, which now consists of seven chemical tankers between 12,000 and 20,000 dwt – all with stainless steel tanks. The vessels have been chartered in for periods between one and three years and are deployed partly in the Americas trade and partly in the global service.

Nordic Tankers A/S and WOMAR Logistics Pte. Ltd. have reached an agreement to establish a jointly owned independent pool management company with the name of “Nordic Womar”. Nordic Womar will initially manage two pools of coated chemical tankers with a total of approximately 40 vessels in the 10,000 to 25,000 deadweight tonnes (dwt) segment. The agreement is made in continuation of the joint marketing agreement that commenced 1 June 2010, where Nordic Tankers and WOMAR started marketing each others' coated chemical tankers in the range of 10,000 to 17,000 dwt in their individual areas of primary marketing strength. The marketing agreement combined Nordic Tankers’ strength in the West with WOMAR's strength in the East…

As from December 1, 2007 Nils Smedegaard Andersen (CEO of Carlsberg A/S) will take up the position as Group CEO of A.P. Moller - Maersk A/S and withdraw from the Board of Directors of A.P. Moller -Maersk A/S. At the same date Jess Søderberg will resign as Group CEO of A.P. Moller - Maersk A/S. Originally Jess Søderberg was supposed to retire in 2009. With the advanced management change the Board of Directors has wished to clarify the future management relations and thus keep a constant drive in the company. By choosing Nils Smedegaard Andersen the Board also wishes to add new yet experienced capacity, which jointly with the other members of the management, will constitute a strong team to lead on A.P. Moller - Maersk A/S and create further development and higher profitability.

The chairman of Maersk, the largest shipper at the Port Authority of New York and New Jersey, has reportedly lost patience with a feud between the two states that has put his lease on hold for a year. Tommy Thomsen, said the firm, which handles up to 25 percent of the port's cargo, might rethink its options if the Port Authority fails to quickly approve his lease. Maersk last year selected New York Harbor as its hub port over competing offers from ports such as Baltimore and Halifax, Nova Scotia. New Jersey Gov. Christie Whitman urged New York Gov. George Pataki to let the Port Authority, which the two governors jointly control, approve the Maersk lease. A Pataki spokesman said the governor was considering Whitman's request for a face-to-face meeting.