Stock Exchange Release no. 54
Made public via OMX on 22 April 2009
Updated strategy
At the annual general meeting of Nordic Tankers on Thursday 23 April, Chairman
Klaus Kjærulff is going to present the overall outcome of the strategy process
which has been underway since the election of the Supervisory Board at the
extraordinary general meeting in February 2009.
The main elements of the strategy - Rebound 2012 - are expressed as the
ambition that Nordic Tankers should remain a serious Danish shipping line with
focus on provision of tankers. The strategic objectives for 2012 are the
following:
• 7,000 ship-days in 2012
• Operating margin of at least 30%
• Equity ratio of at least 30%
• Return on equity of at least 10-15%
The company believes that the achievement of these strategic objectives will
optimise shareholder and stakeholder value.
The strategy is made up of two tiers:
Tier 1 - Nordic Tankers maintains and develops the existing business model as a
tonnage provider. I.e. the commercial, technical and operational management of
the vessels and the finance and accounting function have been outsourced to
quality business partners. Nordic Tankers is still operating in the LR1 product
tanker market, the handy-size segments and in the 13,000 dwt chemical tanker
segment. All vessels will be included in recognised pools.
Tier 2 - Nordic Tankers will check out possible alliances, partnerships or
mergers with a view to consolidation for the benefit of the company's
shareholders.
”The two-tier strategy will get Nordic Tankers profitably through the current
market turbulence and the next 12-18 months, and at the same time we will have
identified any consolidation possibilities”, says Chairman Klaus Kjærulff.
”All options are open and we are not going to reject any consolidation
alternatives in advance. However, we have not engaged in any merger
negotiations”, Klaus Kjærulff continues.
The strategy indicates that Nordic Tankers will open offices in Copenhagen.
By the end of April, the Supervisory Board expects to appoint a new CEO to
replace Flemming K. Sørensen, who will then resume his position as Deputy
Chairman of the Supervisory Board.
The outlook for 2009 remains unchanged since the interim announcement of the
financial statements of 26 March 2009 (Stock Exchange Release no. 52).
The general meeting will be held on 23 April 2009 at 17:00 at the Radisson SAS
Falconer Center, Falkoner Allé 9, DK-2000 Frederiksberg.
For further information:
Chairman of the Supervisory Board Klaus Kjærulff, tel.: +45 40 10 81 11
CEO Flemming K. Sørensen, tel.: +45 40 45 53 59
