Danish owner Nordic Shipholding is selling its three remaining tankers after it failed to find a merger partner and turn around the business. The Copenhagen-listed firm is now in talks with its stakeholders to ensure the proper winding down.
Nordic Shipholding has held extensive discussions with potential merger partners and lenders in order to secure the long-term viability of the group. However, the process has been stalled despite cautious optimism in June that a merger may be consummated in due course.
The company said that, given the volatility in the sale and purchase market for these vessels, it is probable that it may recognise a further write-down of the vessels between $4m-$5m in this financial year. VesselsValue estimates its fleet at $39.4m.
The Knud Pontoppidan-chaired Nordic Shipholding is set to release its first-half earnings report on Wednesday. In the Q1 report, which saw the company $1.5m in the red, Nordic Shipholding said it expects that the lenders will finance the business longer than December 30, 2021 to secure an orderly sale of the vessels.