Nordic Tankers takes another blow
SHIPPING: In the first three quarters of 2010 Nordic Tankers realised a loss before adjustments and tax of 13,7m dollar, and a loss after adjustments but before tax 22,2m dollar. TCE revenue generated as of 30 September 2010 was 50,6m dollar
"Nordic Tankers continues to focus on exploring the opportunities offered in the current weak market to grow the fleet and expand our market presence. A new 19.000 dwt stainless steel pool was established, starting with seven vessels under Nordic Tankers' management. Our time charter and trading activities also grew through further chartering of tonnage in the stainless steel segment and through the conclusion of several new contracts of affreightment", says CEO Tommy Thomsen.
The result, which is negatively influenced by the continued weak freight markets and the effect of a weaker dollar
in the third quarter, reflects management's expectations, and expectations for the full year 2010 of a loss before adjustments and tax of between 20 and 25m dollar remain unchanged.
In connection with the preparation of the interim report Nordic Tankers has performed impairment tests and found that the chemical tanker segment is impaired by 6,2m dollar, which has consequently been written down on goodwill.
The fair value of the deferred contingent payment for the Clipper organisation has also been reviewed and a positive adjustment of 5,9m dollar has been made in the third quarter. The net effect of these two adjustments is a loss of 0,3m.
EBITDA for the first three quarters of 2010 was 2,8m dollar and expectations for EBITDA for the full year 2010 are adjusted from previously 4-8m dollar to 3-6m dollar in light of the continued historically low freight rates, while the expected result before tax and effect of currency exchange rates, of a loss between 28m dollar and 33m dollar is kept unchanged.
Source: Nordic Tankers / maritimedanmark.dk
