Annual Report 2018 and Expectations for 2019


Some highlights:

Annual Report for 2018

  • Adjusted result for the year* 2018: USD 20 million (2017: USD 28 million).
  • Dry Operator: USD 30 million**
  • Dry Owner: USD 18 million**
  • Tankers: USD -28 million (USD 14 million).
  • EBIT 2018: USD 39 million (USD 23 million)

* ”Profit/loss for the period” adjusted for “Profit from sale of vessels etc.
** 2018 was the first full calendar year for NORDEN’s two new business units


Expectations for 2019

  • Expected Adjusted Result for 2019 for the group: USD 25 to 60 million based on improved market conditions in the tanker market and limited exposure to an uncertain dry cargo market.


“2018 marked a highly successful first full calendar year with the Dry Operator and Dry Owner set-up. Dry Operator alone realised an Adjusted Result of USD 30 million, and with strong performance in the fourth quarter demonstrated its ability to generate value also in softening markets. The profits generated in our two dry cargo business units show the strength of our business model and more than off-set losses in Tankers in a historically poor tanker market. With continued strong performance in Dry Operator, an increase in coverage in Dry Owner and an increase in capacity in the tanker market, NORDEN is well positioned towards an uncertain dry cargo market and a tanker market expected to improve.”  CEO Jan Rindbo

Announcement no. 9