Some highlights:
Third quarter of 2016
- Adjusted result for the period* Q3 2016: USD -12 million (Q3 2015: USD 18 million).
- EBIT Q3 2016: USD -13 million (USD 21 million), of which vessel sales make up USD -6 million.
- Dry Cargo: Increasing imports to China sustain a generally weak market. Adjusted result for the period Q3: USD -8 million (USD -14 million). Earnings 31% above market benchmark.
- Tankers: Continued deterioration of the market. Adjusted result for the period Q3: USD -4 million (USD 32 million). Earnings 7% above benchmark.
- Cash flows from operating activities Q3: USD -29 million (USD -3 million).
- Cash and securities: USD 294 million (USD 359 million). Undrawn credit facilities of USD 285 million (USD 345 million).
- Total net commitments decreased by USD 156 million to USD 752 million.
- Ship values: Slightly upward trend in Dry Cargo over the quarter – drop in the Tanker segment. Total decrease of 2%.
- In line with the strategy, operating activities will be increased significantly over the coming years.
- Expectations for the Group’s adjusted results for the year are maintained at USD -60 to -20 million.
"Overall, the third quarter developed as expected and finishes, despite our efforts, with an unsatisfactory result as a consequence of market developments. Our early focus on increasing coverage in Tankers combined with the sale of tanker vessels have reduced our exposure to a severely hit tanker market, while in Dry Cargo we are preoccupied with getting the best out of the very poor market. In this connection, the ability to combine vessels with cargoes is a crucial element, and in line with the strategy Focus & Simplicity the Company will utilise its position in the market over the coming years to significantly increase its operating activities in Dry Cargo through increased use of short-term chartered vessels.” CEO Jan Rindbo
