12 Nov 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. Previous expectations
  • Expectations of a continued weak dry cargo market in 2015

pdf Announcement No 37 in full

Interim CEO Klaus Nyborg in comment:
"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."

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 third quarter of 2014 - 5-minute film - in Danish (English subtitles)

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

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