Nordic Shipholding breaches covenants

Oct 05 2018

A tightening of cash-flow, due to a weakening tanker market, which has reached levels not seen for decades, has resulted in certain of the company’s loan covenants not being met by the due date.

Nordic Shipholding warned in July, that there was a risk that it may breach certain loan covenants on 30th September, 2018.

The company said that the management is actively negotiating with its main shareholder and its lenders to resolve the situation and will revert with further information, as soon as available.