Nordic Tankers adjusts fleet value

Nordic Tankers A/S has adjusted its forecast for its 2009 result downwards. The company forecasts a full-year result tof between USD -32 and USD -36 million. The daily operating result is expected to be between USD -6 and USD -10 million and the company has decided to adjust the fleet value of its chemical and product tankers to the current market value – a downward adjustment of USD 25.8 million. The adjustment does not affect the company’s cash flow. The result for the first half of 2009 was a loss of USD 2.6 million, plus the depreciation of the fleet value amounting to USD 25.8 million. The company does not expect the market to become more profitable for a while, at least until 2010.