Stock Exchange Release no. 59
Made public via OMX on 28 May 2009
Nordic Tankers A/S reported a profit after tax of USD 692,000 for the first
quarter of 2009. Due to uncertainty about the market development for the rest
of the year, the company revises its full year earnings outlook to between USD
0 and -5 million before any write-downs on vessels.
The financial results for the first quarter were positively affected by a
reversal of previously booked expenses relating to contracts and agreements
entered into by the former Supervisory Board. A total of about USD 700,000 was
reversed out of the USD 2 million provided for this purpose in the financial
statements for 2008. Without this reversal, the first quarter would have shown
a breakeven.
The first three months of the year were strongly affected by the negative
development of the global economy with falling freight rates throughout most of
the period. After a brief improvement in the first half of February, the
product tanker market was hit hard by the slow-down in global activity. The
financial results reflect the weak tanker market and the low freight rates, and
the Supervisory Board considers the financial results to be unsatisfactory.
Because of the weak market development and great uncertainty about the
development of the global economy, the outlook for the full year has been
revised downward to be on the safe side. We now expect a full-year profit after
tax of between USD 0 and -5 million before any write-downs on vessels. The
previous outlook was for a profit after tax of between USD 0 and 3 million
before any write-downs on vessels.
After the extraordinary general meeting in February 2009, Claus Breitenbauch
resumed his position of COO.
On 30 April 2009, the Supervisory Board of Nordic Tankers appointed Jens
Pontoppidan as new CEO with effect from 1 May 2009 in replacement of Flemming
Krusell Sørensen, who resumed his position as Deputy Chairman of the
Supervisory Board.
As an element of the strategy “Rebound 2012”, which was presented at the
general meeting on 23 April 2009, the company has established an operating
office in Copenhagen (Tuborg Boulevard 12, DK-2900 Hellerup). The Executive and
Supervisory Boards are still working on implementing the other elements of the
strategy.
For further information:
Chairman of the Supervisory Board Klaus Kjærulff, tel.: +45 40 10 81 11
