Interim report - first quarter of 2014 and CEO film


Some highlights:

  • EBITDA as expected USD -8 million (Q1 2013: USD 10 million)
  • Heavy decrease in the dry cargo market has continued into the second quarter with unexpected magnitude, but improvement is expected in the second half-year
  • Disappointing MR market but surprisingly strong Handysize market in tankers
  • Investments in additional 7.5 eco vessels in the beginning of the quarter bring the order book up to 37 vessels
  • Continued increasing ship values especially in Dry Cargo
  • Changed estimate of the vessels’ useful lives, etc. has a positive effect on EBIT of USD 5 million due to lower depreciation
  • A share buy-back of USD 10 million is planned to be carried out during the next 3 months
  • Expectations for 2014 EBITDA are adjusted downwards to USD -40 to USD 60 million (USD 20-120 million) 


Announcement no. 21

”As expected, the first quarter saw challenging market conditions, not least in dry cargo where the Atlantic market more or less collapsed. This collapse has also had a significant impact on the second quarter, which we were otherwise expecting to contribute positively to operating earnings. Therefore, we now take the consequence of this and make a downward adjustment of the expectations for the results for the year. However, this does not change the fact that we are still expecting an improvement of the markets in the second half-year and that I am pleased with the continued increase in ship values, which are now USD 175 million above carrying amounts.” CEO Carsten Mortensen