The management of Nordic Tankers has decided to adjust expectations for the result of 2008. The company now expects profit after tax in the range of USD 4-5 million, which was previously estimated at USD 20 million. The reason is that a review of the transactions made by the former Supervisory Board with Steen Bryde has required greater provisions against losses.
 
Purchase of shares in the listed property company Tower Group by the former Supervisory Board in July 2008, has made it necessary to charge a loss of USD 2.9 million. Moreover, provisions of USD 2.0 million have been made to cover any losses following other transactions made by the former Supervisory Board.

In addition, the deteriorating market conditions prompted by the international financial crisis have justified the adjustment. In particular the operation of chemical tankers has suffered. The value of these ships have consequently been reduced by USD 8.5 million. Also, a smaller gain on the sale of product tanker Nordic Lisbeth than initially announced, coupled with higher taxes and a weaker-than-expected operating profit for the fourth quarter contribute to weaker annual results.
 
Nordic Tankers annual report for 2008 will be published on 26 March 2009.