Interim report - Second quarter of 2019 and video: NORDEN Update


Some highlights:

Second quarter of 2019

  • Adjusted Result* for Q2 2019: USD -12 million (Q2 2018: USD 4 million)
  • Adjusted Result* for first half-year of 2019: USD -5 million (H1 2018: 12 million)
  • Dry Operator: USD -6 million (USD 8 million)
  • Dry Owner: USD -2 million (USD 3 million)
  • Tankers: USD -3 million (USD -8 million).
  • Profit from sale of vessels: USD 3 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. 


“Dry Operator entered the second quarter on the wrong foot but managed to quickly adjust its position to still generate a positive trading margin. However, this was not enough to prevent a loss in this business unit. Despite the disappointing result, we still expect Dry Operator to be profitable for the full year, which, combined with a firming forward Tanker market, enables NORDEN to maintain the overall guidance of USD 25-60 million profit for 2019.” CEO Jan Rindbo

Announcement no. 14