Company announcement no. 24 / 2010
Issued via NASDAQ OMX 25 November 2010
Summary of interim report Q3 2010
In the first three quarters of 2010 Nordic Tankers realised a result before
adjustments and tax of USD -13.7 million and a result after adjustments but
before tax of USD -22.2 million. Time charter equivalent (TCE) revenue
generated as of 30 September 2010 was USD 50.6 million.
The result, which is negatively influenced by the continued weak freight
markets and the effect of a weaker USD in the third quarter, reflects
management's expectations, and expectations for the full year 2010 of a loss
before adjustments and tax of between USD 20 and 25 million remain unchanged.
In connection with the preparation of the interim report Nordic Tankers has
performed impairment tests and found that the chemical tanker segment is
impaired by USD 6.2 million which has consequently been written down on
goodwill. The fair value of the deferred contingent payment for the Clipper
organisation has also been reviewed and a positive adjustment of USD 5.9
million has been made in the third quarter. The net effect of these two
adjustments is USD -0.3 million, as further explained in note 2 of this report.
EBITDA for the first three quarters of 2010 was USD 2.8 million and
expectations for EBITDA for the full year 2010 are adjusted from previously USD
4-8 million to USD 3-6 million in light of the continued historically low
freight rates, while the expected result before tax and effect of currency
exchange rates, of a loss between USD 28 and 33 million is kept unchanged.
As of 30 September 2010 the company's cash and cash equivalents were USD 20.7
million.
“Nordic Tankers continues to focus on exploring the opportunities offered in
the current weak market to grow the fleet and expand our market presence. A new
19,000 dwt stainless steel pool was established, starting with seven vessels
under Nordic Tankers' management. Our time charter and trading activities also
grew through further chartering of tonnage in the stainless steel segment and
through the conclusion of several new contracts of affreightment.”, says CEO
Tommy Thomsen.
For the full interim report Q3 2010, please see attached.
Contact:
CEO Tommy Thomsen, phone (+45) 3910 9002
CFO Christian Hassel, phone (+45) 3910 2010
