Nordic Shipholding chairman Knud Pontopiddan and another director have stepped down as the Danish tanker owner winds up its business.

Pontoppidan, a former TT Club chairman and AP Moller-Maersk executive vice-president, joined the board in 2010.

Independent director Jens Mathiasen has also resigned.

"The board thanked Mr Pontoppidan and Mr Mathiasen for their valuable contributions and guidance to the group," Nordic said.

The two men are not being replaced.

International Chamber of Shipping chairman Esben Poulsson, an independent director, is the new chairman and Jon Lewis will continue as deputy.

The other board members are Kanak Kapur and the company's chief executive Philip Clausius.

In August, OMX Baltic-listed Nordic put the fleet of three product tankers up for sale after talks about a merger to secure its long-term future hit a brick wall.

Fading hope?

The shipowner said it was still keeping its options open in the continued search for suitable merger partners.

VesselsValue estimates that Nordic's remaining pair of handysizes and an LR1 tanker are worth a combined $39.4m.

The ships are the 37,800-dwt Nordic Agnetha and Nordic Amy and the 73,800-dwt Nordic Anne (all built 2009).

The company's equity is $14.5m in the red.

Cash and cash equivalents were reduced to $2.6m at 30 June, from $5.4m at the end of 2020.

Nordic posted a $6m loss in the first six months of 2021.

The company admitted it had performed "poorly" in the first half as time charter equivalent (TCE) rates were largely depressed due to low tonnage demand caused by the Covid-19 pandemic in an oversupplied market.

The average TCE earnings were 58% lower than a year ago.

Assuming the tankers remain in the Hafnia Handy and LR pools until they are sold in the fourth quarter, Nordic said time charter equivalent revenue for 2021 is now expected to be in the region of $9m to $11m.

The net loss of $6m included one-off impairments of $4.8m, largely down to classing the remaining ships as assets held for sale.

Nordic also lost money from selling two other tankers in the period.

The net result compares to a profit of $5.7m in the same half of 2020.