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-Nordic Tankers becomes sole owner of Nordic Seaarland Tankers.

NORDIC BUSINESS REPORT-March 1, 2011--Nordic Tankers becomes sole owner of Nordic Seaarland Tankers(C)2011 M2 COMMUNICATIONS

1 March 2011 - Danish shipping company Nordic Tankers A/S (CPH: NORDIC) said late on Monday it completed the acquisition of the remaining part of Nordic Seaarland Tankers BV from Dutch joint venture (JV) partner Marco Polo Seatrade BV.

The purchase price was not disclosed. However, Nordic Tankers said it was partly settled by assuming bank debt and partly via an earn-out mechanism related to future earnings and sales proceeds.

The acquired shares represent an ownership interest equivalent to one and a half Handysize product tanker.

Nordic Tankers now has six fully-owned tankers, namely five Handysize ships of 37,000 dead weight tonnes (dwt) and one LR1 ship of 73,000 dwt.

All five Handysize vessels will continue to be employed in the Maersk Handytankers Pool.

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Publication:Nordic Business Report
Date:Mar 1, 2011
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