History

2021

The decline in freightrates that started in May 2020 continued through 2021, and the average daily TCE rate earned in 2021 was approximately 47% lower than the average TCE rate earned in 2020.

The falling freightrates necessitated a further write-downs of the vessels’ values, and after accounting for depreciation, impairment loss, and financial income and expenses, the Group incurred a loss of USD 5.8 million. This loss coupled with prior years’ accumulated losses resulted in a negative equity of USD 14.3 million as at 31 December 2021.

The various attempts to search for a suitable merger partner to secure a future for the company was impacted by the Covid-19 pandemic, and unfortunately did not materialize.

The Board held discussions with the Group’s various stakeholders to ensure the continuity of the Group’s operations in a responsible manner. Discussions with the lenders, which commenced in December 2021, resulted in securing an agreement to extend the maturity of the existing bank loan facilities till 31 March 2022. The remaining three vessels, Nordic Anne, Nordic Agnetha and Nordic Amy were committed for sale in early 2022, and delivered to their respective new owners by 1 April 2022.

The entire net proceeds from the sale of these vessels will be used to pay down the respective loans associated with the vessels. Upon the completion of the sale of the vessels, all bank loan facilities will be settled.

On 14 October 2021 the Chairman of the Board, Mr. Knud Pontoppidan and a director of the Company, Mr. Jens V. Mathiasen retired from the Board of the Company. Mr. Esben Poulsson, an independent director of the Company, was appointed as the new Chairman of the Board of the Company on the same day.

 

2020

2020 started with a continuation of the upturn in the market, that started in the fall of 2019. During the first half of 2020 the market of course was influenced by the Covid-19 pandemic but even more so by the oilpricewar, that began during 1st quarter 2020. The positive development in the beginning of the year resulted in high ratelevels; but at the same time led to a significant increase in inventory levels, and from May 2020 and onwards, the rates continued to decline. Despite this, the average daily TCE rate earned in 2020 by the five vessels was approximately 21% higher than the average TCE rate earned in 2019.

The high ratelevels led to a result before interest and principal payments (EBITDA) of USD 13.9 million, which enabled the Company to reduce its debt with close to USD 15 million in 2020.

The falling ratelevels regrettably also necessitated further write-downs of the vessels’ values towards the end of the year, and after total write-downs of USD 21.0 million, the Group suffered a loss of USD 16.5 million in 2020, which meant that the equity was lost, and negative by USD 8.5 million.

The various negotiations to secure a future for the company was impacted by the Covid-19 pandemic, and towards the end of 2020 a renegotiation of the loan facility again became necessary. With support from the major shareholder the Company managed to secure an extension of its loan facilities until 30 December 2021, and as part hereof two vessels were put for sale, and sold in January 2021.

 

2019

2019 started on a positive note as the average daily TCE rate in Q1 2019 was approximately 23% higher than the average daily TCE rate in Q4 2018.  The daily TCE rate started to soften from May 2019 before improving from October 2019, and a loss of USD 3.9 million was experienced for the year.

The Nordic Agnetha and the Nordic Amy was moved to the Hafnia Handy Pool operated from Copenhagen and the Company’s oldest vessel, the Nordic Ruth, was delivered to her new Owners in July 2019.

The covenants waivers arising from the loan restructuring concluded in Q4 2018 will expire by end-September 2020.  As all parties are still in the process to achieve a longer-term agreement, the bank loans and loans from the majority shareholder are reclassified to ‘current liabilities’ at year end.

2018

Following a stable market in the beginning of 2018 a step decline was experienced during the remainder of the year and was only reversed in December 2018.This lead to a loss of USD 23.8 million, including an impairment loss of USD 13.2 million caused by declining values of the fleet.

During 2018 the Company twice experienced problems with its loan covenants, which eventually lead to a restructuring agreement being entered into with the Company’s financial institutions, resulting in an improved balance sheet structure for the Group, with major covenants and undertakings modified or relived in order to secure the Company more time – up to September 2020 to finalize the implementation of its various strategies.

The Company continued its consolidation and continues to look at growth and consolidation opportunities that are accretive to the Company, but the market conditions unfortunately impacted the success of projects pursued in 2018.

2017

A weaker freight market lead to a loss of USD 3.6 million, however, contrary to 2016 it has not been necessary to realize any further impairments on the fleet caused by declining values.

The Company continued its consolidation and continues to look at growth and consolidation opportunities that are accretive to the Company.

2016

The Company continued its consolidation. A weaker freight market lead to a modest profit of USD 0.3 million, before a one-time recognition of an impairment of USD 5.1 million, resulting in a loss of USD 4.8 million for the year.

The Management continues to look at growth and consolidation opportunities that are accretive to the Company.

2015

The Company continued its consolidation. A robust freight market, lower operating cost and an impairment reversal led to a profit of USD 13.6 million. This has enabled substantial repayments on the loan facilities, resulting in an improved equity ratio to 32.2% from 22.4%.

Further the Management continued to seek and assess suitable investment and consolidation opportunities to expand the Company.

2014

The Company continued its consolidation and successfully fixed the Nordic Anne for a minimum 3 year timecharter contract at a profitable rate.

Further the Management continued to source for suitable investment opportunities to grow the Company.

2013

During 2013 the Company continued the close dialogue with its lending banks and achieved a temporary moratorium until March 2013, which was extended several times afterwards until 31 December 2013.

On 22 November the Company announced that it had entered into a restructuring agreement with Nordic Maritime S.á.r.l. (‘Nordic Maritime’) and its lending banks, and on 19 December a new shareholder structure was implemented, where pre-restructuring shareholders retained 9.59% ownership, the lending banks obtained 14.38 ownership and Nordic Maritime obtained 76.03%.

Caused by the extraordinary write-down in 2012 the Company had lost its equity, however, as a result of the restructuring, equity increased by USD 74.1 million and the remaining loan of USD 100.0 million was refinanced into a new 7-year facility.

The Company entered into a corporate management agreement with Transport Capital Pte. Ltd., and Philip Clausius was appointed CEO of the Company with effect from 2 January 2014. Knud Pontoppidan remains as independent Chairman of the Board of Directors.

2012

Nordic Tankers divested its chemical activities to a company owned by the investment fond: Triton. The sale included 9 chemical tankers, the entire organisation and the name: Nordic Tankers. Nordic Tankers has consequently changed its name to Nordic Shipholding A/S and now owns 6 product tankers.

2011

Nordic Tankers completes the acquisition of the remaining part of Nordic Seaarland Tankers B.V. from its joint venture partner Marco Polo Seatrade B.V. The acquired shares represent an ownership interest equivalent to 1½ Handysize Product Tanker, and the acquisition increases Nordic Tankers' total ownership of Product Tankers from 4½ vessels up to 6 fully owned vessels, namely 5 Handysize vessels of 37,000 dwt and one LR1 vessel of 73,000 dwt.
Nordic Tankers carries 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.

2010

The agreement with Clipper Group came into effect. A share emission was successfully completed. A new supervisory board was elected with Knud Pontoppidan as Chairman. A joint marketing agreement with Womar was signed extending Nordic Tankers' geographical scope to include the Eastern hemisphere.

2009

Klaus Kjærulff is elected Chairman of the Supervisory Board and a new strategy is launched.
Nordic Anne is delivered.
Nordic Tankers signs an agreement with Clipper Group to acquire Clipper's chemical tanker activities.

2008

Nordic Lisbeth is sold. Steen Bryde becomes Chairman of the Supervisory Board.

2007

Nordic Tankers sells the two multipurpose vessels to the pool manager, Clipper, who already had a 20% ownership in the two vessels prior to the agreement. This sale reflects the management's strategy of focusing on the tanker segment. Nordic Tankers is introduced on the Stock Exchange.

2006

Nordic Tankers acquires a new LR 1 ship from Torm for delivery in May 2006. This ship was under the name Nordic Tankers Lisbeth incorporated into Torm's LR 1 pool. Nordic Tankers sets up a jointly controlled undertaking, Nordic Seaarland Tankers B.V., in conjunction with the Netherlands based Seaarland Shipping Management B.V., which is owned by the Italian shipping group, Zachello Group. In conjunction with the setting up of Nordic Seaarland Tankers B.V., two handy size product tankers were acquired by Seaarland Shipping Management B.V. in which the company and Marco Polo Seatrade B.V. (part of the Zachello Group) received an indirect holding of 75% and 25% respectively. Seaarland Shipping Management B.V. is responsible for the commercial and technical management of the vessels via its subsidiary Delfman Shipping B.V. The ships are in the handysize pool operated by Maersk Tankers.

In December 2006 Nordic Seaarland Tankers B.V. orders another two handysize vessels for delivery in 2009. They are also expected to join the handysize pool. Nordic Tankers has an indirect 50% holding in these newbuildings.

2005

Nordic Tankers acquires a 50% share in another two chemical tankers with Eitzen Chemical. The Eitzen Chemical City Class Pool ("City Class Pool") was set up with Eitzen Chemical and Brøvig Tank AS. Nordic Tankers selected Eitzen Chemical to be in charge of the vessels' commercial management, while technical management was handled by EMS Ship Management.

2004

The charter company of Nordic Tankers exercised its option to acquire the two LR1 product tankers and ownership was then transferred from K/S Difko XLVII (47) to Nordic Tankers, which in turn is wholly owned by K/S Difko XLVII (47). Nordic Tankers also acquired a 50% share in a chemical tanker. The other half is held by the listed company of Camillo Eitzen ASA (now separated off into Eitzen Chemical ASA), which is also responsible for the commercial management of the ship.

2002

Nordic Tankers acquires its first dry bulk vessels by taking an 80% share in two multipurpose vessels in the Dawn pool operated by Clipper Elite Carriers. The Clipper Group owned the remaining 20% of the two vessels. T&C A/S (now CEC Ship Management A/S) was responsible for technical management.

2000-1984

Nordic Tankers has its roots in the limited partnership company of K/S Difko XLVII (47), which was established in 1984 when three product tanker newbuildings were ordered for delivery in 1986 and 1987. K/S Difko XLVII (47) buys the company of Nordic Shipping I/S (now Nordic Tankers A/S). Agreements were entered into with A/S Dampskibsselskabet Torm on commercial management of the vessels as well as an agreement on technical management of the vessels with TESMA Holding AS (EMS Ship Management (Norge) AS).