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Nordic Shipholding to be liquidated

Denmark-based Nordic Shipholding is to be wound down following the disposal of its entire fleet of product tankers earlier this year.

Backed by its majority shareholder, Nordic Maritime, the company is calling for a general meeting to initiate a voluntary solvent liquidation.

“No distribution of funds to the shareholders is anticipated upon completion of the liquidation,” the company said.

Nordic Maritime has agreed to waive the necessary part of its loan to enable the liquidation to be solvent, the company said, adding that it expects its aggregate cash balance will be enough to cover the liquidation expenses and settlement of all creditors other than the main shareholder loan. 

Financially troubled Nordic announced last August that it was selling its three remaining tankers to repay bank loans after it failed to find a merger partner and turn around the business. The last vessel, Nordic Amy, was delivered to its new owner Schoeller Holdings in April this year and renamed Cape Corfu. 

The company was formerly known as Nordic Tankers and changed its name to Nordic Shipholding in 2012. Liquidation is expected to be finalised by the end of 2023.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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