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Nordic Shipholding grew in the first quarter

Cost reductions in 2014 and increased TCE revenue boosted Nordic Shipholding up in the first quarter.

Nordic Shipholding forged ahead in the first quarter. The combined revenue declined, while the so-called TCE revenue (time charter equivalent) increased, according to the interim report, published Wednesday.

Revenue consisted of gross revenue from the ships in the Handytankers pool along with TCE earnings under the time charter party for the carrier LR1 tanker - which are calculated after deduction of travel-related expenses - while revenue for the same period 2014 consisted of gross revenue from the two pools Handytankers and Straits, says Nordic Shipholding in the report.

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