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Results for the period of USD 39 million. Strong tanker market: EBIT USD 28 million and earnings 55% and 32%, respectively, above 1-year T/C rates in Handysize and MR. Historically poor dry cargo market: EBIT USD 4 million positively affected by high coverage and low capacity costs. Earnings 44% above average 1-year T/C rates and 113% above spot rates in the dry cargo market. Cash flows from operating activities USD 44 million before prepayment (USD 47 million) for T/C contracts. Market price of dry cargo vessels under continued pressure. The tanker market is expected to continue the positive notes whereas the dry cargo market is only expected to marginally improve. New CEO Jan Rindbo taken up position on 30 April. Expectations for EBIT for 2015 maintained: USD -40 to 40 million. Previous expectations CEO Jan Rindbo in comment: A strong tanker market and a high level of coverage in a very poor dry cargo market have provided NORDEN with a solid start to 2015. The upswing in tankers has been broadly based, and with a large and modern fleet of product tankers, NORDEN is well positioned to benefit from this. However, the strong tanker market cannot balance out the historically poor dry cargo market in which especially a significant drop in Chinese imports of coal has further weakened the market. Based on this, expectations for the results for the year are maintained. Full report at: www.ds-norden.com NORDEN press release |
Interim report - first quarter of 2015 and film