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Special capital gain puts Nordic Shipholding back in black

With a new owner and fresh equity, stock-listed Nordic Shipholding received a much-needed breath of fresh air in late 2013. The company expects to break even in 2014.

A special capital gain of USD 28.6 million related to the restructuring of Nordic Shipholding ensured the company a positive result on the bottom line, of USD 19.4 million in 2013. The group noted a USD 9.1 million deficit before including the special capital gain, according to the annual report of Nordic Shipholding, which owns six ships placed under Thome Ship Management and Columbia Shipmanagement.

The new Asian major stakeholder in Nordic Shipholding, equity fund PAG, plans to use its newly-acquired stock-listed platform in Copenhagen as a starting point to grow the carrier's fleet further within product tank, a segment that currently stands at just five 37,000 dwt Handysize vessels and one 73,000 dwt LR1.

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