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Company Announcement 12/2021

Nordic Shipholding A/S
·2-min read

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.

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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