Nordic Tankers profit of 4.6 mio. dollar

The financial results were negatively affected by the writedown of the value of the company's chemical tankers of 8.5 million USD and weaker operating results for the fourth quarter of 2008 because of the deteriorating market conditions resulting from the global financial crisis.

Moreover, the financial results were negatively affected by a number of transactions made by the former Supervisory Board chaired by Steen Bryde, including:

 A loss of USD 2.9 million on a holding in the listed property

company Tower Group

 Provisions of USD 2.0 million for any losses on other transactions

made by the former Supervisory Board

The sale of the LR1 tanker NORDIC LISBETH for USD 70 million had a positive effect on the financial statements, reflected in a gain of USD 15.1 million after tax.

"The Supervisory Board considers the financial results to be unsatisfactory. 2008 was a very turbulent year for Nordic Tankers, but in the light of the financial crisis and the events surrounding the former board's management, the financial results are acceptable", says Chairman Klaus Kjærulff.

For 2009 Nordic Tankers expect a profit after tax between USD 0 and 3 million excluding possible write downs on the vessels. The expected results reflect the great uncertainty that plague the shipping industry as a result of the global financial crisis.

At the general meeting on 23 April 2009, the Supervisory Board is going to present a new strategy with the overall objective of ensuring Nordic Tankers a positive development.

"2009 will be a challenging year, but Nordic Tankers is fundamentally a healthy company with first-class vessels built for the future, and we look forward to once again creating value for the company's many loyal shareholders", says Klaus Kjærullf.

Source: Nordic Tankers