In its latest financial results, Denmark-based Nordic Shipholding reported it has failed to find a buyer for the three remaining tankers in its fleet, but has secured financial support for the short term
In 2006, Nordic Shipholding operated a fleet of eight product tankers ranging from LR1 to Handysize and two Denmark-built multipurpose vessels, but the fleet had shrunk to five tankers at the start of 2021.
Two MR1 tanker, Nordic Pia and Nordic Hanne, were sold in April 2021, and the impact from the loss of earnings was noted in the company’s latest financial results.
The company has been actively looking for a merger partner or an outright sale of the three remaining vessels – two 37,800-dwt, 2009-built MR1 chemical/product tankers, Nordic Agnetha and Nordic Amy both constructed at Hyundai Mipo, and 73,800-dwt, 2009-built LR1 tanker Nordic Anne, constructed by New Times Shipbuilding.
The three vessels have been reclassified in the accounts as assets-held-for-sale and the company noted that due to the volatile nature of the sale and purchase market, “estimation of these vessels’ expected sale value is highly uncertain.”
The company has come to a financial arrangement with the main shareholder and its lenders for more time and funds to complete the sales or merger.
The two MR1s remain in the Hafnia Handy Pool and the LR1 in the Hafnia LR Pool until a sale takes place.
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