Nordic Shipholding lost USD 1.1 million in 1st quarter

But the deficit is significantly smaller than the same period last year, due to factors such as reduced interest costs, according to the company's interim report.

Nordic Shipholding lost USD 1.1 million before taxes in the 1st quarter of the year, compared to a larger deficit of USD 2.5 million before taxes in the same period last year, according to the company's interim report, published Wednesday.

Nordic Shipholding attributes this development to reduced interest costs, at USD 1.3 million, as well as missing income from Nordic Ruth, when the ship was repaired in the 1st quarter 2013, thus being off-hire. This combined with an improved profit, as TC profits increased by 27.9 percent, to USD 7.3 million (USD 5.7 million) in the first quarter 2014.

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