NORDEN: Strong Winter Market in Tankers – Collapsing Dry Cargo Market

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Interim report – First quarter of 2019 and video: NORDEN Update,07 May 2019. Some highlights of it published on their website are as follows:

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).
  • Loss from sale of vessels: USD 12 million
  • Adjusted Result excluding effect of IFRS 16: USD 10 million

    * ”Profit/loss for the period” adjusted for “Profit/loss from the 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’s comment

STRONG WINTER MARKET IN TANKERS – COLLAPSING DRY CARGO MARKET


“NORDEN generated a positive result in a quarter characterized 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.”

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Source: Norden

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