Nordic Shipholding News

Ailing Danish shipowner Nordic Shipholding is one step closer to closing its doors after announcing the sale of its final three tankers. The company revealed on Thursday that it has entered into a sale and purchase memorandum of agreement to sell the Nordic Anne, Nordic Amy and Nordic Agnetha for a total of $37.1 million. It did not disclose the name of the buyer.The loss-making company has been winding down its operations over recent months after failing to find a merger partner.

Nordic Shipholding said on Monday it will sell its three remaining tankers after the lossmaking Danish shipowner failed to line up a merger partner.The company said it held extensive discussions with potential merger partners and lenders to secure the group's long-term viability, but that the talks had stalled. It will now move to sell its remaining vessels, including the 2009-built handysize tankers Nordic Agnetha (37,791 dwt) and Nordic Amy (37,759 dwt) as well as the 2009-built LR tanker Nordic Anne (73,774 dwt)."Given the volatility in the sale and purchase market for these vessels, it is probable the group may recognize a further write-down of the vessels’ carrying value in the range of $4 million to $5 million in this financial year…

Danish Shipowner Nordic Shipholding entered a new sale and purchase memorandum of agreement to dispose Nordic Ruth vessel, which the company didn't manage to sell, in the past.Nordic Ruth is a 2000-built handysize product/chemical tanker. It tanker would be sold for USD 5.8 million.Nordic Shipholding A/S does not expect the sale to have any significant impact on the outlook for 2019 as provided in the Q1 2019 Report on 22 May 2019.The vessel was built in 2005, and is a 35,800 dwt vessel that features a length of 183 meters and a width of 27 meters.Nordic Shipholding  owns six product tanker vessels, which include five handysize tankers and one LR1 vessel.

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.

Aden Refinery temporarily suspends tender process to import; Gasoil shipment headed for Yemen diverted towards Singapore. SINGAPORE, April 9 (Reuters) - At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country after the launch of Saudi-led air strikes last month, according to industry sources and ship tracking data. Fighting in Yemen is scaring off shippers and has forced the country's liquefied natural gas (LNG) export plant to take one of its production plants, or trains, off line. Several companies, including France's Total and APR Energy Plc have either evacuated staff or ceased operations due to the conflict.

Danish ship owner Nordic Shipholding turned a profit in 2014 following its 2013 restructuring, the company announced today. The company earned a profit of $2.3 million in 2014 due to improved earnings and a one-off gain of $5.2 million arising from the reversal of impairment loss on the Nordic Anne, a 73,750-dwt tanker. Excluding this gain, the Group incurred a net loss of USD 2.8 million for 2014. The company was $58 million dollars in debt when it entered a conditional restructuring agreement with Nordic Maritime, which was completed in December 2013. Since then, all six vessels were transferred to separate wholly-owned legal entities in Singapore.

Nordic Shipholding A/S has been informed that Pacific Alliance Group (“PAG”), which controls Nordic Shipholding’s majority shareholder, Nordic Maritime S.á r.l., has entered into an agreement with BW Group regarding the establishment of a joint venture to target a consolidation in the product tanker market. Nordic Shipholding is not a party to the agreement. It is too early to say what the consequences of this agreement will be, if any, for Nordic Shipholding. Nordic Shipholding will discuss this with PAG in the time to come.

Nordic Shipholding A/S has appointed Thome Ship Management Pte Ltd and Columbia Shipmanagement (Singapore) Pte Ltd as new technical managers of its vessels replacing TB Marine Shipmanagement GmbH & Co. KG. The change in technical manager involves one-off costs.   Nordic Shipholding said it does not expect this change to have a significant impact on the 2014 results.

In a major shareholder announcement Nordic Shipholding A/S informs that Nordic Maritime S.à r.l. As a consequence of the restructuring, Nordic Maritime and the Company’s lending banks have converted debt for a total amount of approximately USD 72.1 million into new shares and Nordic Maritime has contributed an additional USD 2 million in cash for new shares in the Company. As announced earlier by Nordic Shipholding, board members Erik Bartnes, Mogens Buschard and Saravana Sivasankaran would resign their position as board members upon completion of the restructuring. Consequently, the board of directors now consists of Knud Pontoppidan (chairman), Kristian V. Mørch, Anil Gorthy, Jon Lewis and Philip Clausius.

In light of the development of Nordic Shipholding A/S's cash position, as announced by the company in company announcement no. 11/13 published on December 13, 2013, Nordic Maritime has informed the company that it will exercise the option granted to Nordic Maritime in the conditional restructuring agreement entered into between the company and Nordic Maritime on 22 November 2013, to subscribe further shares against a cash payment to the Company of $2 million at completion of the restructuring. Assuming a successful completion of the conditional restructuring agreement, the exercise of the option, will imply that following completion existing shareholders in the Company will hold approx.

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 has received an offer from a foreign investor to invest in the company. The board of directors looks favorable at the offer and will now commence negotiations of definitive agreements and work to fulfill the conditions included in in the offer, which among other include obtaining of certain regulatory approvals. If and when definitive agreements are reached with the investor, Nordic Shipholding will convene an extraordinary general meeting at which the transaction and issue of new shares to the investor will be presented for approval.

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.

Nordic Shipholding A/S announced its first quarter financial results for 2013. 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 in Q1 of this year notified the company that installments and loan covenants are only deferred until June 30, 2013. As a consequence of this, the company has by the end of 2012 written-down the value of its vessels to an estimated market level of $123 million, accordingly, the share capital is lost, and the debt is reclassified as short-term. Both the company and the company's banks are in firm discussions with potential investors regarding potential equity injections.

Nordic Shipholding A/S decides to exercise its option agreement with Nordic Tankers Shipowning A/S and Clipper Group A/S. The option agreement referred to was dated 28, March 2012. In connection with the divestment of the chemical tanker activities in Nordic Shipholding A/S as referred to in company announcement no. 1/2012 and no. 5/2012 a vendor note with a total principal of USD 20,000,000 was issued by Nordic Tankers Shipowning A/S in favour of the company. The option allows Nordic Shipholding A/S to assign the vendor note to Clipper Group A/S against the termination of the company's obligations towards Clipper Group A/S in an aggregate amount of USD 15,000,000. Exercising the option will result in a loss of approximately USD 5 million for 2012.

Nordic Shipholding A/S completes sale of chemical tanker activities. In continuation of company announcement no. 1/2012 published via NASDAQ OMX on 27 March 2012, Nordic Shipholding A/S (formerly Nordic Tankers A/S) today has completed the sale of its chemical tanker activities to a company controlled by Triton, a European investment company. The acquiring company has today changed name to "Nordic Tankers A/S".