Winter 2003

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LR2 Pool luncheon, 30th May 2003, at Villa Nord Clockwise: Mikael Skov (Executive Vice President - Torm), Per Juul (LR2 Management), Jonathan Holloway, Kurt Klemme, Kristian Moerch (Senior Director, Products - AP Moller), Christiane Oldendorff, Klaus Kjaerulff (A/S D/S Torm), Kristian Lohmann (General Manager, LR - AP Moller), Peter Rybarczyk NORDMED undocking 11 October 2003 NORDMILLENNIUM at the Rock of Gibraltar
Dear Seafarers and Readers! When a year comes to an end, one also tends to think about a new calendar for the next year. Our Reederei "NORD" calendar for the year 2003 was as I feel extraordinary. It shows one of our Panamax bulkcarriers, the NORDMORITZ, sailing in blue waters under a beautiful wide-spanning rainbow. My dear late husband, Mr. Klaus Oldendorff, must have had a vision when he chose that photo, because the colours of the rainbow and its surroundings are symbolic for things which happened in 2003. The sky above the rainbow is very dark grey with a tendency to black and that is how the year started. Freight markets for most types of our vessels were very low and at that time the outlooks were bleak. And then came 17th March, the darkest day in my life and a sad day for all of us. My husband all of a sudden then passed away and we are all still missing him sadly. However, he left us with the unspoken heritage to carry on in a positive future-orientated solid path. Coming back to the rainbow, at least as far as shipping circumstances are concerned, the colours became a bit lighter in the second quarter of the year. Even for shipping experts unexpected, the economy especially in South East Asia further strengthened and the increased import and export volumes triggered high demands for mainly containerships. Due to the political situation in Venezuela and the Middle East, the tanker trades were more volatile than ever with a generally positive trend and, same as the colours of our rainbow varying from dark to very light colours, also the third part of our company's fleet, the bulkcarriers, picked up in the second half of the year and are enjoying rates they have never ever seen in history so far. This is mainly driven by the enormous demands for iron ore for the steel production in China combined with drastic increases in transport volumes of coal. Our four 2500 TEU containervessel newbuildings were timely delivered from the Aker MTW Shipyard in Germany and we were able to find employment on satisfactory rates for them. We also have, just a couple of weeks ago, signed contracts for another two containervessels of about 2600 TEU which the STX shipyard in South Korea is building for us. Deliveries will be in November 2005 and January 2006. The newbuilding situation with the international shipbuilders became very tight in the second half of the year and it is almost impossible to contract for deliveries in 2006. I cannot remember a time when ships were 'sold out' for three years ahead. Looking again at the rainbow photo, we see bright light blue skies with only a few clouds. Let us all enjoy these times and let us hope that they are lasting for a while, because we need strength to master the reverse: namely low rates. My sons and I after being now fully aware of what solid group of companies with an extremely good standing we have inherited, are definitely willing and able to carry on in the spirit of Mr. Klaus Oldendorff and we are inviting all of you to join us on the challenging ways into a good future. I thank you again for having supported the Oldendorff family and let's hope for a successful 2004. I wish all of us Merry Christmas and a peaceful, healthy and happy New Year. Limassol in November 2003 Christiane E. Oldendorff NORD NEWS Winter 2003 3
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Page 5 and 6: thrashing on a spanner. The time ta
Page 7 and 8: ISM Code. 'Ships would cease to ope
Page 9 and 10: NORDGULF’s hull is ready for coat
Page 11 and 12: NORD NEWS Winter 2003 11
Page 13 and 14: the office for the last working day
Page 15 and 16: much you can see in Abu Simbel, exc
Page 17 and 18: Lightering NORDISLE - NORDPOWER Moo
Page 19 and 20: NORD watches for 5 years’ service

Winter 2003

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