Nordic Shipholding Salvation Re-structuring Plan Agreed

MarineLink.com
Monday, November 25, 2013
Nordic Shipholding tankship: Image courtesy of Nordic Shipholding

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.

The 73,000 dwt LR1 Nordic Anne will remain commercially managed by Hafnia in the Straits Tankers Pool, while its technical management will remain with TB Marine. All existing commercial and technical management agreements will be subject to a detailed strategic review by the Company following completion of the restructuring with a view to maximizing shareholder returns.

Former FSL Trust managers to be involved in future administration
Following the completion of the restructuring the Company will enter into a new corporate management agreement with Singapore-based Transport Capital Pte. Ltd., an investment management firm founded by former key senior management of FSL Trust Management Pte. Ltd., headed by Philip Clausius. Transport Capital will take over the corporate management responsibilities from Hafnia Tankers (formerly Tankers Inc.), subject to a three month orderly transition period.

About Nordic Maritime and PAG
Nordic Maritime is a wholly owned subsidiary of one of the funds managed by PAG, which is one of the largest Asia-focused alternative investment managers with over USD 10 billion in funds under management.
 

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