The sale is a result of discussions between Nordic Tankers and its banks driven by the high debt position in Nordic Tankers and continuing low freight rates. Nordic Tankers will in the future be a tonnage provider with a fleet of six product tankers in the range 37,000-73,000 dwt.
A moratorium on deferred and ordinary instalments payable until 31 March 2013 has been agreed for the product tanker fleet subject to certain conditions.
The listed company will change its name from “Nordic Tankers A/S” to “Nordic Shipholding A/S”.