Orderly Sale of Remaining Vessels

23 August 2021



As stated in Company Announcements 11/2020, 10/2021 and the 2020 Annual Report, extensive discussions were held with potential merger partners and the lenders in order to secure the long-term viability of the Group.

The Board wishes to update that such merger discussions have stalled and in accordance with the Group's agreement with the lenders, management has put in place a process to sell the Group's three remaining vessels in an orderly fashion.

Given the volatility in the sale and purchase market for these vessels, it is probable the Group may recognise a further write-down of the vessels' carrying value in the range of US$4 - US$5 million in this financial year.

Concurrently, the Board is in discussions with the Group's various stakeholders to ensure the proper winding down of the Group in a responsible manner.

Nordic Shipholding A/S press release