Interim report - third quarter of 2014


Some highlights:

  • EBITDA Q3 2014 USD -11 million (Q3 2013: USD 19 million) in continued weak markets.
  • Results are not satisfactory, but in line with the most recently announced expectations.
  • Earnings in Dry Cargo 7% above the 1-year T/C rates and 55% above spot rates.
  • Earnings in Tankers 10% and 3% above the 1-year T/C rates for Handysize and MR, respectively.
  • Cash flow from operating activities of USD 9 million due to improvement in working capital.
  • Market value of owned vessels USD 24 million above carrying amounts.
  • Significant improvement in the tanker spot market in the beginning of the fourth quarter. In dry cargo, some improvement in rates for the fourth quarter compared to the third quarter is still expected.
  • Expectations for 2014 EBITDA are maintained: USD -60 to 0 million. 
  • Expectations of a continued weak dry cargo market in 2015



Announcement no. 37


"In terms of results, the third quarter ended as expected at the beginning of the quarter. The challenging market conditions in dry cargo continued, and the tanker market experienced good activity with further improvement at the beginning of the fourth quarter. NORDEN outperformed the market in both segments and maintains its expectations for full-year results. The weak market development may provide attractive opportunities.” Interim CEO Klaus Nyborg