Skip to main content

Company Announcement 12/2021

Written by Customer Service on . Posted in Public Companies.

August 24, 2021

NORDIC SHIPHOLDING A/S
Company Announcement: 12/2021

Published via NASDAQ OMX on August 24, 2021


Write down and revised Outlook for 2021

As stated in Company Announcement 11/2021, the merger discussions with potential merger partners have stalled.   The Company, however, is keeping its options open in its continual search for suitable merger partners. In accordance with the agreement with the lenders, management has put in place a process to sell the remaining three vessels in an orderly fashion.   Hence, an impairment loss of USD 4.5 million will be recognised in H1 2021 following the re-classification of the three remaining vessels, Nordic Agnetha, Nordic Amy and Nordic Anne, as assets held-for-sale.

Outlook
Assuming the remaining three vessels remain in the Hafnia Handy Pool and Hafnia LR Pool respectively until they are sold in Q4 2021, the TCE revenue for 2021 is now expected to be in the region of USD 9.0 million – USD 11.0 million, down from USD 13.5 million – USD 15.5 million as previously forecasted. After accounting for operating expenditure budgeted by the respective technical managers, the Group’s expected EBITDA (earnings before interest, tax, depreciation and amortisation) for 2021 is expected to be in the range of USD NIL million – USD 2.0 million (previous forecast was USD 3.0 million – USD 5.0 million), and the result before tax is at USD -4.5 million – USD -2.5 million, compared to USD -2.5 million – USD -0.5 million indicated in the 2020 Annual Report.

The above additional impairment loss of USD 4.5 million will be included in the result for H1 2021. The revised outlook for 2021 does not take into account any further impairment or write-back of impairment of the vessels’ carrying values.

Concurrently, the Board is in discussions with the Group’s various stakeholders to ensure the proper winding down of the Group in a responsible manner.

The H1 2021 announcement will be released on 25 August 2021.

For further information please contact:
Mr Jon Lewis, Deputy Chairman, Nordic Shipholding A/S: +45 39 29 10 00

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.