Nordic Tankers realised a loss of 26,2m dollar in 2010, compared to a loss of 94,4m dollar in 2009. Revenue rose from 30m dollar in 2009, to 104,8m dollar in 2010. In 2011 a loss, before tax write-downs and currency gains, of 15 - 25m dollar is expected.
“The Board of Directors considers the result unsatisfactory, but as expected in light of the current market situation. The Company has had many focus areas in 2010, and we are pleased with the well executed integration of the Clipper activities and the successful rights issue. Our view on market-fundamentals remains positive, and we are confident that this will be reflected in freight rate increases in the medium to long term" says Chairman of the Board of Directors, Knud Pontoppidan.
• 2010 was an eventful year for Nordic Tankers. In January 2010 the Company acquired the chemical tanker activities from Clipper Group and became a full-service shipping company. At the same time, a new Executive Management began work on the foundation for the Company's strategy of profitable growth. The number of operated vessels increased from 10 to 70 during the year, of which 15 are owned, 5 time chartered and the balance under commercial or pool management.
• In April/May 2010 the Company completed a rights issue, raising a total of USD 42 million from existing and new shareholders. Siva Group of India became a new large shareholder with 24% of the shares, while Clipper maintained their 31% shareholding.
• Nordic Tankers strengthened its presence in Asia through a co-operation with Singapore-based Womar. This informal co-operation was formalised in a jointly owned pool management company as of 1 February 2011.
• During the second half of 2010 Nordic Tankers began chartering in tonnage, in order to gradually build a time charter activity while the market remains weak.
• Although industrial production picked up in most regions during 2010, and the world economy slowly came out of the financial crisis, freight rates for all tanker segments remained at historically low levels. The supply growth is expected to ease off in 2011 and 2012, which most likely will lead to a gradual increase in freight rates, but the early part of 2011 has seen freight rates remaining at the low levels of 2010. The Company thus expects yet another challenging year with a loss before tax, write-downs and currency gains/losses of USD 15-25 million and an improved, yet still unsatisfactory EBITDA result of USD 10-20 million.
””Despite the very difficult market situation, we have managed to maintain a result in line with expectations, and Nordic Tankers enters 2011 as a stronger company. We will continue our work to execute our growth strategy and position the Company for future profitable growth and thus create long-term value for our shareholders” says CEO, Tommy Thomsen.
“The Board of Directors considers the result unsatisfactory, but as expected in light of the current market situation. The Company has had many focus areas in 2010, and we are pleased with the well executed integration of the Clipper activities and the successful rights issue. Our view on market-fundamentals remains positive, and we are confident that this will be reflected in freight rate increases in the medium to long term" says Chairman of the Board of Directors, Knud Pontoppidan.
• 2010 was an eventful year for Nordic Tankers. In January 2010 the Company acquired the chemical tanker activities from Clipper Group and became a full-service shipping company. At the same time, a new Executive Management began work on the foundation for the Company's strategy of profitable growth. The number of operated vessels increased from 10 to 70 during the year, of which 15 are owned, 5 time chartered and the balance under commercial or pool management.
• In April/May 2010 the Company completed a rights issue, raising a total of USD 42 million from existing and new shareholders. Siva Group of India became a new large shareholder with 24% of the shares, while Clipper maintained their 31% shareholding.
• Nordic Tankers strengthened its presence in Asia through a co-operation with Singapore-based Womar. This informal co-operation was formalised in a jointly owned pool management company as of 1 February 2011.
• During the second half of 2010 Nordic Tankers began chartering in tonnage, in order to gradually build a time charter activity while the market remains weak.
• Although industrial production picked up in most regions during 2010, and the world economy slowly came out of the financial crisis, freight rates for all tanker segments remained at historically low levels. The supply growth is expected to ease off in 2011 and 2012, which most likely will lead to a gradual increase in freight rates, but the early part of 2011 has seen freight rates remaining at the low levels of 2010. The Company thus expects yet another challenging year with a loss before tax, write-downs and currency gains/losses of USD 15-25 million and an improved, yet still unsatisfactory EBITDA result of USD 10-20 million.
””Despite the very difficult market situation, we have managed to maintain a result in line with expectations, and Nordic Tankers enters 2011 as a stronger company. We will continue our work to execute our growth strategy and position the Company for future profitable growth and thus create long-term value for our shareholders” says CEO, Tommy Thomsen.