Nordic Tankers history is short but has already presented many dramatic events. The annual general meeting Thursday broke that pattern definitely. 250 people gave a quiet but constructive general meeting in the Falkoner Center in Copenhagen full support to the new Supervisory Board and its new strategy: Nordic Tankers will continue to be a serious Danish shipping company with a focus on product tankers. The strategy will be pursued along two tracks: By maintaining and developing the existing business model known as "tonnage provider" and to explore opportunities for alliances, partnerships or actual mergers.
"All options are open, but there are no current plans for mergers, the company's chairman Klaus Kjærulff stated and added that "shareholder value" will be optimized under the heading "Rebound 2012" with the following ambition:
• 7000 sea days in 2012
• Profit margin of not less than 30 per cent.
• Equity ratio not less than 30 per cent.
• Return on equity not less than 10-15 per cent.
• Attractive rate compared to "peer group"
• Long-term and sustainable shareholder structure
Klaus Kjærulff stressed that the current global economic crisis has also affected Nordic Tankers severely, and that expectations of the outcome for 2009 are modest and furthermore characterized by great uncertainty.
"But Nordic Tankers has fundamentally healthy and robust economy, new and modern ships, a small but effective organization, strong partners and many loyal shareholders. So although 2009 will be a challenging year, we have good opportunities to get profitable over the next 12-18 months of continued turbulence on the markets, while we have identified consolidation opportunities", he said.
Klaus Kjærulff reported at the meeting that the recruitment of a new CEO is in place before the summer and that in doing so a Copenhagen office will probably be opened.
The ensuing debate was subdued with many appreciative words that it is has been possible to bring Nordic Tankers on track with a new Supervisory Board, that shareholders and business partners trust.
Naturally, a part of the debate concerned the Bryde period and several shareholders called for even more opportunities to claim compensation from the former Board for its blatant misuse of company funds. Answering this, Klaus Kjærulff said that the best legal expertise was added to "turn every stone", but he asked for an understanding of the fact that he and his Board was focused on the future - a view that the general meeting supported.
The approximately two hours long general meeting ended with the re-election of the board and with acclaim, reflecting both the praise and confidence in the future task, board and directors have now addressed.