Interim report - second quarter and first half-year of 2016 and video: NORDEN Update


Some highlights:

Second quarter of 2016

  • Adjusted result for the period* Q2 2016: USD -4 million (Q2 2015: USD 29 million). H1 2016: USD -9 million.
  • EBIT Q2 2016: USD -34 million (USD 36 million), of which vessel sales make up USD -34 million.
  • Minor improvements in a still weak dry cargo market driven by an increase in Chinese imports of especially iron ore and coal. Adjusted result for the period Q2: USD -11 million (USD 4 million).
  • Tanker market weaker than expected. Adjusted result for the period Q2: USD 7 million (USD 25 million).
  • Cash flows from operating activities Q2: USD -16 million (USD 65 million).
  • Cash and securities: USD 345 million (USD 340 million).
  • Average NORDEN TCE earnings still above benchmark:
    Dry Cargo: +31% and Tankers: +14%
  • Ship values: Slightly upward trend in Dry Cargo over the quarter – drop in the Tanker segment. Total decrease of 3%.
  • Expectations for the adjusted results for the year are narrowed within the guidance previously announced to USD -60 to -20 million. 


”NORDEN maintains its focus in Dry Cargo on the vessel types Supramax and Panamax. We have sold all our Capesize and Post-Panamax vessels, disposed of 4 Handysize vessels and in return bought 1 and long-term chartered 3 Supramax vessels. At the same time, we have further increased our short-term chartering of dry cargo vessels and adjusted our exposure to a tanker market where the rates, earlier than expected, have dropped significantly. Together with NORDEN’s cost focus, we are therefore well prepared for a dry cargo market which, despite slight improvements in the second quarter, still looks challenging and a tanker market which is expected to offer weaker rates in the second half-year compared to the second quarter.” CEO Jan Rindbo


Announcement no. 19