Nordic Bulk Carriers lost USD 5.2 million and its equity

Arctic specialist Nordic Bulk Carriers lost its equity in 2014, which by the end of the year came to negative of USD 3.9 million. But the owners will provide the necessary liquidity and has secured the cash resources as a minimum until January first, 2016.

Photo: Marinvest

Danish Nordic Bulk Carriers, which specializes in sailing in icy waters through the North-West and North-East Passages, suffered a deficit of USD 5.2 million in 2014, which is more than double the deficit in the previous year of USD 2.1 million. Exiting the year, the company had lost its equity, but the ownership circle, led by US-based main shareholder Phoenix Bulk Carries, has promised to support the company.

"At 31 December 2014 the balance sheet of the Company shows negative equity of USD 3,901,418. The circle of owners has promised to contribute the liquidity necessary to the Company if the need should arise with a view to ensuring that the capital resources support the Company’s strategic objectives and its obligations to suppliers and customers," the company states in the released annual report:

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