11 Nov 2015

Some highlights:
  • Group EBIT Q3 2015: USD 21 million - in line with expectations (Q3 2014: USD -28 million).
  • Record result for Tankers: EBIT Q3 USD 37 million (USD -2 million).
  • Continued weak dry cargo market: EBIT Q3 USD -9 million (USD -22 million).
  • TCEs in both segments considerably above market rates.
  • Result for the period Q3 2015: USD 10 million (USD -46 million).
  • Unchanged vessel values.
  • New strategy adopted.
  • Continued focus on optimisation of newbuilding programme and cost savings.
  • Declining rates in Q4 provides difficult start to 2016.
  • Expectations for the 2015 EBIT result maintained and specified at USD 70 to 90 million. Previous expectations

pdfAnnouncement No 18 in full
All documents relating to the report

CEO Jan Rindbo in comment:
'NORDEN's tanker business has achieved a record result. Low oil prices and strong demand have kept tanker rates up also during the third quarter, which is otherwise considered to be low season.
The strong tanker result provides comfort during a time, when the dry cargo market continues to be very challenging, and consequently NORDEN has reduced its exposure to the market by adjusting its newbuilding programme and by chartering vessels for shorter periods. Our initiated cost focus continues with good results, and we look forward to implementing our new strategy 'Focus and Simplicity', which sets out to make NORDEN market leader within Supramax and Panamax vessels.'

Telephone Conference and Audiocast at 15:30

NORDEN will hold a telephone conference in English at 15:30 CET where CEO Jan Rindbo and CFO 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

Please take time to watch our video: NORDEN Update, prior to the telephone conference.

Video: NORDEN Update - third quarter of 2015 - in Danish (English subtitles)

NORDEN presents its third quarter of 2015 in a short video - in Danish (English subtitles).

Watch the video here (in Danish with English subtitles)
English transcript of the video

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