Nordic Tankers reports H1 loss and new strategy

Nordic Tankers A/S reported a loss of USD 0.2 million for the first half of 2008 after a decline in the market for product tankers. However the all years result is expected to be of USD 22.4 million after the sale of the company’s largest and newest tanker Nordic Lisbeth. The tanker is sold for a price USD 19 million higher than the booked value for delivery at the end of November.

Along with the half year report the company launched a new strategy, which main elements are: Continued focus in shipping, development of the own organisation, disposal of the LR1 tankers, reduction from three to two segments, development of the engagement in the remaining two segments and possible introduction to new shipping segments.

Presently Nordic Tankers A/S is a passive tonnage provider, but will in the future be a active asset manager. Nordic Tankers’ sailing units are at the moment managed by outside technical management as well as two commercial companies (Eitzen Chemcicals and Torm).