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07 May 2019 Some highlights: First quarter of 2019 • Adjusted Result* for Q1 2019: USD 7 million (Q1 2018: USD 9 million). • Dry Operator: USD -3 million (USD 3 million) • Dry Owner: USD 0 million (USD 5 million) • Tankers: USD 10 million (USD 0 million).
Adjusted Result excluding effect of IFRS 16: USD 10 million * ”Profit/loss for the period” adjusted for “Profit/loss from sale of vessels, etc. Expectations for 2019 • Expectations for the Adjusted Result for the year are maintained at USD 25 to 60 million. Previous expectations CEO Jan Rindbo in comment: Strong winter market in tankers - Collapsing dry cargo market “NORDEN generated a positive result in a quarter characterised by a strong winter market in tankers and a dry cargo market on the brink of collapse. NORDEN had anticipated a weak dry cargo market, but not even swift and agile response in Dry Operator could offset rates being halved within a three-week period. Dry Owner, however, was well protected against the weak market due to high coverage and generated a break-even result, while the Tanker business was well positioned towards a very strong winter market and delivered a good result.” Full report NORDEN press release |
