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Glomsø invests in Nordic Tankers

Glomsø invests in Nordic Tankers
Glomsø Invest has bought 6% of the Jutland-based shipowner, representing 449,492 of the company?s shares.

Glomsø Invest has bought 6% of the Jutland-based shipowner, representing 449,492 of the company"s shares.

Danish tanker owner Nordic Tankers has a major new shareholder.

Glomsø Invest has bought 6% of the Jutland-based shipowner, representing 449,492 of the company"s shares.

Glomsø Invest also owns over 15% of Copenhagen-based niche shipowner Erria, which operates in the tanker, bulk and container sectors.

The investment comes after a shareholder meeting last month rejected a range of proposals by Nordic Tanker"s board of directors, led by majority shareholder and chairman Steen Brydde.

Through his investment company Brydde Gruppen, Mr Brydde owns over 25% of Nordic Tankers. He had wanted to explore a number of commercial developments with the company, but his ideas were rejected by a majority of the shareholders.

The company reported losses of $200,000 for the first half, although the company expects to record a pre-tax profit for the whole year of $23m. However, this is mostly from the sale of Nordic Lisbeth for $70m.

The sale of the LR1 product tanker was completed last week resulting in $19m profit, which the company said ?is a price to be considered satisfactory compared with the latest book value of the vessel prior to the sale of $51m?.

Mr Brydde said the sale will result in a 36% drop in the company"s debt, taking its equity ration to 52%.

?The lower indebtedness will be of great importance to the company"s freedom to act in the current financial crisis,? he said.

www.TurkishMaritime.com.tr

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