DENMARK: Nordic Shipholding Company announced that the company has earned a profit of $2.3 million in 2014. The company earned profit due to improved earning and one off gain of $5.2 million arising from the reversal of impairment loss on the Nordic Anne, said company manager in a press briefing.
In Debt of $58 million company entered a conditional restructuring agreement with Nordic Maritime, it transferred six vessels separate wholly-owned legal entities in Singapore. It earned healthy revenue.
In December 2014, the group repaid the short-term working capital facility of $4 million extended by the lending banks as part of the restructuring.
In 2015, five of the group’s six vessels will remain commercially deployed on a pool basis. One vessel is time-chartered under a minimum 3-year time-charter arrangement. Income from Nordic Anne is expected to be in the region of $29.0 to $32.0 million. The group also expects EBITDA to be in the range of $13 to $16.0 million.
