Interim report - first quarter of 2017 and video: NORDEN Update


Some highlights:

First quarter of 2017

  • Adjusted result for Q1 2017: USD 1 million (Q1 2016: USD -5 million)
  • Dry Cargo: USD -9 million (USD -20 million)
  • Tankers: USD 10 million (USD 15 million)
  • Group EBIT Q1 2017: USD 0 million (USD -1 million)

Expectations for 2017

  • Expectations for the adjusted result for the year maintained at USD -20 to +40 million with a dry cargo market that is expected to offer rates a little higher than in 2016 and a tanker market that still looks challenging throughout 2017.


”On the back of strong performance by our Tanker business in a challenging market, we present our first quarterly adjusted profit since 2015. In Tankers, we were able to make the most of regional and temporary market spikes and benefitted from the decision to increase our chartered fleet at relatively low costs at the end of 2016. In Dry Cargo, we did not benefit from the improving rates in the first quarter, but they have increased the value of NORDEN’s forward position in a year that overall still looks challenging in both segments.” CEO Jan Rindbo


Announcement no. 6