Annual Report 2014 and Expectations for 2015


Some highlights:

Annual Report for 2014

  • Underlying operations (EBITDA): USD -31 million.
  • EBITDA: USD -261 million (2013: USD 24 million) in line with the most recently announced expectations and impacted by provision for onerous contracts of USD 230 million, which will be reversed in coming years.
  • Results for the year: USD -416 million (USD -48 million) of which value adjustment USD -61 million on hedging instruments
  • The Board of Directors proposes that no dividend be paid. 

Expectations for 2015

  • Outlook for 2015: EBIT of USD -40 million to USD 40 million (USD -335 million).


”Contrary to expectations, the dry cargo market in 2014 went from bad to worse. NORDEN launched a number of initiatives and cleared up in old contracts, which affected results for the year significantly. The Tanker Department generated the best operating profit in 6 years. In spite of a continued very difficult dry cargo market, the initiatives, along with a good start in Tankers, will ensure a significant improvement in NORDEN’s results for 2015.”  Interim CEO Klaus Nyborg

Announcement no. 2

Telephone Conference and Audiocast at 15:30

NORDEN will hold a telephone conference in English at 15:30 CET where Interim CEO Klaus Nyborg, CFO Michael Tønnes Jørgensen and EVP Martin Badsted will present and comment on the report as well as answer questions.

The conference will be transmitted via audiocast.


NORDEN's Annual Report - 5-minute film - in English

NORDEN presents its Annual Report 2014 in a film with subtitles in English.