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Press Release

Nordic Tankers consolidates all Danish activities

Copenhagen January 27, 2015.

Nordic Tankers consolidates all activities in Denmark at its new head office located in Copenhagen effective June 2015. herning shipping a.s. has concluded a financial restructuring that will strengthen the company’s balance sheet, equity, cash position and extend the maturity date of the company’s loans.

We have decided to consolidate all shore-based functions in Denmark to our new head office situated in Tuborg Havn, Copenhagen. The Herning office functions are moving to Copenhagen and the Herning office will consequently be phased out. The aim is to have all employees in Denmark within Chartering, Operations and Technical Management working out of the new Copenhagen office.

 

“Consolidating the two offices will strengthen the shore-based organization, prompt knowledge sharing, bring economies of scale and facilitate even better support towards customers and partners,” says CEO and President, Per Sylvester Jensen. 

 

A majority of the Herning employees will be offered new positions in Copenhagen. Employee representatives will be invited to negotiate the changes including measures to cushion the impact for the persons affected. No other office is affected by the planned changes, nor are any seafarers.

 

The decision to consolidate all activities in Copenhagen will not change how herning shipping conducts business. All business relationships and contractual agreements between herning shipping a.s. and customers, partners, etc. will remain unaffected.

 

Furthermore, an agreement has been reached between the owner Triton and herning shippings lender to restore herning shipping’s balance sheet and cash position. The agreement includes a cash injection from the owner as well as an agreement with the lender to restructure the debt to a sustainable level and extend the maturity date of the loan.

 

CEO & President Per Sylvester Jensen says: “herning shipping has suffered under a heavy debt burden and an exceptionally poor market for an extended period. The financial reconstruction allows herning shipping a.s. to make a fresh start and enhances herning shipping’s and Nordic Tankers’ ability to execute on our growth strategy. We value this strong vote of confidence from our owner and lender.”

 

Additional information:

Senior Communications Manager Ann-Louise Grahed, tel. 45 3910 9060/Mobile +45 5339 4180

Nordic Tankers is a fully integrated shipping company operating about 100 highly sophisticated chemical tankers ranging in size up to 25,000 dwt. We transport a wide range of products ranging from edible oils, acids, chemicals and other specialised products to lubricating oils and petroleum products. 36 vessels are fully owned. Our head office is situated in Copenhagen with regional offices in Stamford (Connecticut, USA), Herning (Denmark), Houston (Texas, USA), Golfe Juan (France), Riga (Latvia), Bogota (Colombia) and Singapore. Nordic tankers employ approx. 210 people ashore and around 1,450 at sea.