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Nordic Shipholding chairman: The game is not up for Nordic Shipholding

Knud Pontoppidan, chairman of Nordic Shipholding, sees great opportunities for a new investor for the company and its six product tankers, even though on paper, the company is bankrupt.

Though the company’s equity capital is lost and now in the red with 37 million USD on account of a massive writing down of the same order of magnitude as the company’s six ships, the game is not up for Nordic Shipholding, insists chairman Knud Pontoppidan.

“Nordea did not wish to give us a further 12-month moratorium (a respite). When they do, the accounts will look different, and we have normally operated with higher book values compared to the estimations of brokers. Consequently, we have had to take about 37 million USD in write-downs of ships, and that corresponds exactly to our negative equity capital,” says Knud Pontoppidan.

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