ShippingWatch

Triton on Nordic Tankers: Things take time

Herning Shipping and Nordic Tankers have not been a good investment for Swedish Triton, as the equity fund has once again been forced to inject capital into the carriers. "Things take time," the fund's chairman tells ShippingWatch.

Things take time, says Terje Askvig, chairman of the Nordic Tankers board of directors and industrial advisor at Triton, in a comment to ShippingWatch after the equity fund has once again been forced to inject fresh capital into its shipping investment Herning Shipping and Nordic Tankers. And it could be years before the investment proves its worth, at least from the looks of it at this point, approximately three years after the fund acquired the carriers.

There were great expectations when the Swedish investment fund Triton merged its two latest acquisitions in the spring of 2012, the two chemical tanker carriers Herning Shipping and Nordic Tankers. Well, the following 12 months were going to be tough, the fund said at the time. The market for chemical products were hit bad by the financial crisis in the global economy as well as an oversupply of ships in the water, but those were the conditions in shipping across the board at the time.

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