Denmark-based shipowner Nordic Shipholding has decided to dispose of the remaining three tankers in its fleet.
On 3 January 2022, each of the three wholly-owned subsidiaries of Nordic Shipholding entered into a sale and purchase memorandum of agreement to sell the Nordic Anne, Nordic Amy and Nordic Agnetha, all built in 2009.
Nordic Agnetha and Nordic Amy are 37,800 dwt MR1 tankers, while Nordic Anne is a 73,800 dwt LR1 tanker. The Handysize tankers are employed in the Hafnia Handy Pool, and the LR1 unit in the Hafnia LR1 Pool (formerly Straits Pool), both operated by Hafnia, Copenhagen.
The ships are expected to be delivered to their new owners during February/March 2022, according to Nordic Shipholding.
The agreed aggregate gross sale price of $37.1 million exceeds the current aggregate carrying value for the three vessels. As a result, Nordic Shipholding A/S expects to recognise a reversal of impairment loss of approximately $2.6M for the quarter ended 31 December 2021.
As the expected reversal of impairment loss would not impact the TCE revenue nor operating expenditure, the forecasted group’s TCE revenue and EBITDA for 2021 is expected to remain unchanged. The group’s TCE revenue for 2021 is thus unchanged expected to be in the region of $8.5 million – $10.5 million, while EBITDA for 2021 unchanged is expected to be in the range of $-1.0 million – $1.0 million.
Due to the expected reversal of impairment loss, Nordic Shipholding’s result before tax is now forecasted at $-7.0 million – $-5.0 million.
Earlier this year, Nordic Shipholding put the company’s three remaining vessels up for sale after failing to find a merger partner. Since November 2020, the firm has been attempting to find potential merger partners and lenders in order to secure long-term viability. However, these attempts were unsuccessful.