13 Aug 2014

Some highlights:
  • EBITDA Q2 2014 USD -7 million (Q2 2013: USD 4 million)
  • Results for the period H1 2014: USD -68 million (H1 2013: USD -34 million), which is unsatisfactory
  • The weak dry cargo market continued
  • Dry Cargo earnings 1% above the average 1-year T/C rates and 57% above Baltic Exchange spot rates
  • Disappointing tanker market
  • Market value of owned vessels USD 94 million above carrying amounts
  • Strategy adjusted to the unsatisfactory market development:
    • Activity level reduced by fewer operated vessels
    • No further investments in the second quarter of 2014
  • Some improvement in rates towards the end of the year is expected in both segments
  • Expectations for 2014 EBITDA are adjusted downwards to USD -60 to 0 million (USD -40 to 60 million). Previous expectations

pdf Announcement No 34 in full

Interim CEO Klaus Nyborg in comment:
"The second quarter was more challenging than expected at the beginning of the year, and the 2014 markets have not yet met the expectations of a gradual improvement - neither within dry cargo nor tankers. But despite a significant worsening in the dry cargo market in the second quarter, NORDEN improved its Dry Cargo results compared to the first quarter. At the same time, NORDEN has taken advantage of the flexibility of the business model and reduced the fleet. The market rates are still expected to improve towards the end of the year but not to such an extent that we can maintain our previous expectations for the results for the year. Based on this, NORDEN makes a downward adjustment of its expectations to an EBITDA of USD -60 to 0 million."

Telephone Conference and Audiocast at 15:30

NORDEN will hold a telephone conference in English at 15:30 CET where interim CEO Klaus Nyborg, CFO Michael Tønnes Jørgensen and EVP Martin Badsted will present and comment on the report as well as answer questions.

The conference will be transmitted via audiocast.

Telephone conference and audiocast

NORDEN's first half of 2014 - 5-minute film - in Danish (English subtitles)

NORDEN presents its first half of 2014 in a short film - in Danish (English subtitles).

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