Brief: Nordic Shipholding To Sell Remaining Three Vessels And Change Outlook

Nordic Shipholding A/S

24/08/2021 13:46

Aug 24 (Reuters) - Nordic Shipholding A/S  NORDIC.CO :
    * REG-COMPANY ANNOUNCEMENT 12/2021
    * KEEPING ITS OPTIONS OPEN IN ITS CONTINUAL SEARCH FOR
SUITABLE
MERGER PARTNERS
    * MERGER DISCUSSIONS WITH POTENTIAL MERGER PARTNERS HAVE
STALLED.
    * AN IMPAIRMENT LOSS OF USD 4.5 MILLION WILL BE RECOGNISED
IN H1
2021 FOLLOWING RE-CLASSIFICATION OF THREE REMAINING VESSELS,
NORDIC AGNETHA, NORDIC AMY AND NORDIC ANNE, AS ASSETS
HELD-FOR-SALE.
    * PUT IN PLACE A PROCESS TO SELL REMAINING THREE VESSELS IN
AN
ORDERLY FASHION.
    * TCE REVENUE FOR 2021 IS NOW EXPECTED TO BE IN REGION OF
USD 9.0
MILLION - USD 11.0 MILLION, DOWN FROM USD 13.5 MILLION - USD
15.5 MILLION AS PREVIOUSLY FORECASTED
    * ADDITIONAL IMPAIRMENT LOSS OF USD 4.5 MILLION WILL BE
INCLUDED
IN RESULT FOR H1 2021.
    * GROUP'S EXPECTED EBITDA (EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION) FOR 2021 IS EXPECTED TO BE IN
RANGE OF USD NIL MILLION - USD 2.0 MILLION (PREVIOUS FORECAST
WAS USD 3.0 MILLION - USD 5.0 MILLION)
    * IS IN DISCUSSIONS WITH VARIOUS STAKEHOLDERS TO ENSURE
PROPER
WINDING DOWN OF GROUP IN A RESPONSIBLE MANNER
    * GROUP'S EXPECTED RESULT BEFORE TAX FOR 2021 IS AT USD -4.5
MILLION - USD -2.5 MILLION, COMPARED TO USD -2.5 MILLION - USD
-0.5 MILLION INDICATED IN 2020 ANNUAL REPORT

Source text for Eikon:  ID:nGNE7WD1yR 
Further company coverage:  NORDIC.CO 

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