Group EBIT for the second quarter of 2015 of USD 36 million – best result in 14 quarters (Q2 2014: USD -27 million).
- Results for the period first half-year of 2015: USD 82 million (USD -68 million).
- Strong tanker market: EBIT for the second quarter of USD 33 million, which is the best EBIT result for Tankers in the history of NORDEN.
- Tanker earnings 24% and 38%, respectively, above 1-year T/C rates in Handysize and MR.
- Continued weak dry cargo market: Better earnings, however, than expected at the start of the year: EBIT for the second quarter of USD 6 million.
- Dry Cargo earnings 45% above average 1-year T/C rates and 84% above spot rates.
- Cash flows from operating activities further strengthened: Second quarter USD 65 million.
- Fall in ship values levelled off. Upward trend since the end of the quarter for both Dry Cargo and Tankers.
- New Executive Management in place: Martin Badsted appointed new CFO
- Expectations for the 2015 EBIT result raised to USD 70-100 million based on continued high tanker market rates.
””NORDEN has performed well during the first half of 2015. Our Tanker business has utilised the particularly strong markets to generate its best quarterly operating result ever. At the same time, as a result of good coverage and sound business acumen, our Dry Cargo business has made it decently through an otherwise historically poor first half-year for the dry cargo market.
The Tanker market is expected to continue with high rates for the rest of the year, and on that background we raise the expectations for this year’s result.” 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 and CFO Martin Badsted will present and comment on the report as well as answer questions.
The conference will be transmitted via audiocast.
NORDEN's second quarter and first half-year of 2015 - 5-minute film - in Danish (English subtitles)
NORDEN presents its second quarter and first half-year of 2015 in a short film - in Danish (English subtitles).