Some highlights:
- Solid start to the year – Group EBIT for the first quarter of 2015 of USD 30 million (Q1 2014: USD -23 million).
- Results for the period of USD 39 million.
- Strong tanker market: EBIT USD 28 million and earnings 55% and 32%, respectively, above 1-year T/C rates in Handysize and MR.
- Historically poor dry cargo market: EBIT USD 4 million positively affected by high coverage and low capacity costs.
- Earnings 44% above average 1-year T/C rates and 113% above spot rates in the dry cargo market.
- Cash flows from operating activities USD 44 million before prepayment (USD 47 million) for T/C contracts.
- Market price of dry cargo vessels under continued pressure.
- The tanker market is expected to continue the positive notes whereas the dry cargo market is only expected to marginally improve.
- New CEO Jan Rindbo taken up position on 30 April.
- Expectations for EBIT for 2015 maintained: USD -40 to 40 million.
"A strong tanker market and a high level of coverage in a very poor dry cargo market have provided NORDEN with a solid start to 2015. The upswing in tankers has been broadly based, and with a large and modern fleet of product tankers, NORDEN is well positioned to benefit from this. However, the strong tanker market cannot balance out the historically poor dry cargo market in which especially a significant drop in Chinese imports of coal has further weakened the market. Based on this, expectations for the results for the year are maintained.” CEO Jan Rindbo
Telephone Conference and Audiocast at 15:30
NORDEN will hold a telephone conference in English at 15:30 CET where CEO Jan Rindbo, 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 first quarter of 2015 - 5-minute film - in Danish (English subtitles)
NORDEN presents its first quarter of 2015 in a short film - in Danish (English subtitles).
