Some highlights
- Results in the first half-year were slightly ahead of expectations due to a stronger than expected performance by the Tanker Department. The Dry Cargo Department performed in line with expectations. Excluding non-recurring income, operating earnings (EBITDA) in the second quarter were 8% higher than for the first quarter of 2011.
- EBITDA in Dry Cargo was USD 32 million in the second quarter, whereas EBITDA in Tankers was USD 12 million.
- For the second quarter, NORDEN’s operating earnings (EBITDA) were USD 40 million compared to USD 100 million last year, which included non-recurring income of USD 41 million. Operating earnings for the first half of the year were USD 88 million against USD 179 million in the first half-year of 2010.
- For the second quarter, the profit from operations (EBIT) was USD 21 million (USD 86 million). Profit for the period was USD 10 million (USD 83 million) after negative fair value adjustments of certain hedging instruments of USD 11 million.
- In the first half-year, NORDEN gained market shares in Dry Cargo with 40% growth in transported volumes compared to the same period last year. In comparison, estimated market growth was 5-6% (R.S. Platou), and at the same time, COAs of 35 million tonnes of forward cargo have been secured.
- Theoretical Net Asset Value was DKK 246 per share against DKK 275 per share at the end of first quarter. This development is due to change in the USD/DKK rate and decreased market value of vessels.
- During the second quarter, the Dry Cargo Department increased coverage for 2011 to 94%, and therefore only has 1,317 open ship days for the rest of the year. In Tankers, coverage for 2011 remained unchanged from the first quarter.
- NORDEN maintains its expectations of an EBITDA of USD 135-175 million and an EBIT of USD 55-95 million.
Please note: Due to an error in the table on page 9 (TCE rates for coverage for 2014+), the content of the PDF in the below link was amended at 11:19 CET on 16 August 2011 (and announced to NASDAQ OMX Copenhagen A/S), thus the content of the PDF below is now the correct version.
President and CEO Carsten Mortensen says in a comment:
"I am satisfied that, despite very tough conditions, we performed a little better in the first half-year than expected. I am especially pleased with Tankers’ nice contribution to NORDEN’s bottom line and with the fact that the new strategy is well underway with the creation of significant and solid growth in cargo volumes in Dry Cargo."
