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Nordic Shipholding delivers USD 8.6 million profit

Nordic Shipholding delivered a net profit of USD 8.6 million in the third-quarter. Positive momentum continued on into the third quarter, says Chairman Knud Pontopppidan. The carrier has significantly upgraded its expectations.

Nordic Shipholding reported a profit after tax of USD 8.6 million in the third quarter, according to the Danish carrier's third quarter interim report on Wednesday. The result in the same period last year came to a deficit of USD 1.2 million. The product tanker carrier has kept up momentum into the third quarter, says chairman Knud Pontoppidan in the report.

"The positive momentum for Nordic Shipholding continued into the third quarter. A strong market, lower operating cost and an impairment reversal led to a profit of USD 12.2 million for the first nine months, compared to a loss of USD 4.6 million for the same period in 2014. This has enabled substantial repayments on the loan facilities, resulting in an improved equity ratio. The improved performance has led to an upward revision in the forecast for the full year."

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