Denmark: Nordic Tankers Divests Its Chemical Tanker Activities

Global weakening of the shipping market has prompted a Danish shipping firm, Nordic Tankers to opt for selling of its chemical tanker activities to European investment concern Triton, for a $30 mill.

It is sad that the new owner will take over the management organisation as well, but continue operating under the Nordic Tankers brand, with Nordic Tankers chief executive Tommy Thomsen at its helm.

“The combined company will become the leading global regional chemical tanker operator with a total fleet of more than 120 chemical tankers,” Triton said in a statement.

The decision is awaiting confirmation at the Annual General Meeting, to be held on 20 April. After the sale Nordic Tankers business will dispose of a fleet consisting of six product tankers in the range 37,000-73,000 deadweight tonnes and it will be renamed Nordic Shipholding A/S.

Nordic Tankers is currently engaged in negotiations with its banks in order to freeze loan repayment for another year. Nordea and Danish Ship Finance, Nordic Tankers’ creditors backed the payment postponement until the end of March 2013.

The company reported a loss of $20 mill before write-downs and upward revaluations, rising to a loss of $32 mill after write-downs and upward revaluations for 2011.

The value of Nordic Tankers’ shares fell last year for 64 percent, according to Copenhagen’s index of 20 most traded and most valuable Danish stocks.

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World Maritime News Staff, March 30, 2012; Image: Nordic Tankers