The private equity-backed shipowner lost just over $1m, but this was an improvement over the losses of $2.45m seen a year ago.
The Danish product tanker owner saw time charter equivalent (TCE) revenue improve 28% to $7.3m, while operating costs were down about 5% at $4.1m.
Nordic’s five 37,000-dwt handy tankers remain commercially managed by Maersk in the Handytankers Pool, whilst the 73,000-dwt LR1 remains under the joint commercial management of the Straits Tankers Pool.
For most of the first quarter Nordic’s MRs earned average daily TCE rates that were marginally better than the forecasted daily rate of $14,000.
However, Nordic said for its LR1 vessel, the daily TCE rate achieved was below the forecasted daily rate of $15,200.
Last week Nordic’s main shareholder Pacific Alliance Group (PAG) established a joint venture with BW Group in the product tanker segment.
The company reiterated its earlier comments that it was not a party to the transaction and that it was too early to say whether it will be impacted by this new venture.
Nordic’s board said it is “continually seeking suitable investment opportunities” in the product tanker segment to grow the company.
