Interim report - third quarter 2013


Some highlights:

  • EBITDA USD 19 million (Q3 2012: USD 23 million)
  • Continued investment focus in expectation of improved markets in the coming years
  • Investments in additional 5 ECO vessels since the second quarter increases the order book to 29 vessels
  • Significant rate increases in dry cargo indicate that the market is better balanced than previously assumed
  • Best Q3 spot tanker market since 2008
  • Fleet values up by 5% in the quarter – market values on par with carrying amounts
  • Expectations narrowed down: EBITDA USD 25-45 million. 


Announcement no. 51

”The market really showed signs of life in the third quarter. In a short period of time, rates for the large dry cargo vessels increased substantially, which also benefited the small vessel types. The increase was stronger than expected and shows that the prerequisites for a more sustainable improvement are present. Within tankers, there were also positive signs where record-high US exports helped lifting the market. So
even though it is still a challenging year, this quarter emphasises that we are getting closer to a gradual improvement of the markets.” President and CEO Carsten Mortensen