The year's first three months were difficult as expected, and marked by the negative development of the global economy and falling freight rates throughout most of the period. The result was a profit after tax of USD 692,000, which the Supervisory Board described as unsatisfactory. Due to market developments and the continuing economic uncertainty, expectations for the whole year will be lowered from between $ 0 and 3 million to between $ 0 and -5 million before any write-downs on vessels.

The result for the first quarter is positively affected by a reversal of previously booked expenses relating to contracts and agreements concluded by the former Supervisory Board. A total of approx. USD 700,000 was reversed out of the USD 2 million provided for this purpose in the financial statements in 2008. Without this reversal, the result for the first quarter would have shown a breakeven.

CEO Jens Pontoppidan says: "The product market is now seriously affected by the reduced global activity. And since there is still a great uncertainty about developments in the global economy, the Supåervisory Board has chosen to lower expectations for the year as a whole."

Nordic Tankers A/S has now established a functional office in Copenhagen, but for the time being maintains its headquarters in Holstebro.