17 Aug 2016

Some highlights:

Second quarter of 2016

  • Adjusted result for the period* Q2 2016: USD -4 million (Q2 2015: USD 29 million). H1 2016: USD -9 million.
  • EBIT Q2 2016: USD -34 million (USD 36 million), of which vessel sales make up USD -34 million.
  • Minor improvements in a still weak dry cargo market driven by an increase in Chinese imports of especially iron ore and coal. Adjusted result for the period Q2: USD -11 million (USD 4 million).
  • Tanker market weaker than expected. Adjusted result for the period Q2: USD 7 million (USD 25 million).
  • Cash flows from operating activities Q2: USD -16 million (USD 65 million).
  • Cash and securities: USD 345 million (USD 340 million).
  • Average NORDEN TCE earnings still above benchmark:
    Dry Cargo: +31% and Tankers: +14%
  • Ship values: Slightly upward trend in Dry Cargo over the quarter - drop in the Tanker segment. Total decrease of 3%.
  • Expectations for the adjusted results for the year are narrowed within the guidance previously announced to USD -60 to -20 million. Previous expectations

CEO Jan Rindbo in comment: 'NORDEN maintains its focus in Dry Cargo on the vessel types Supramax and Panamax. We have sold all our Capesize and Post-Panamax vessels, disposed of 4 Handysize vessels and in return bought 1 and long-term chartered 3 Supramax vessels. At the same time, we have further increased our short-term chartering of dry cargo vessels and adjusted our exposure to a tanker market where the rates, earlier than expected, have dropped significantly. Together with NORDEN's cost focus, we are therefore well prepared for a dry cargo market which, despite slight improvements in the second quarter, still looks challenging and a tanker market which is expected to offer weaker rates in the second half-year compared to the second quarter.'

pdfAnnouncement No 19

All documents relating to the report

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.

Teleconference and audiocast

Film: NORDEN Update - Second quarter of 2016 in 5 minutes

NORDEN presents its second quarter of 2016 in a film with subtitles in English.

Watch the film here with English subtitles

Dampskibsselskabet NORDEN A/S published this content on 17 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 August 2016 06:35:04 UTC.

Original documenthttp://www.ds-norden.com/investor/financialnews/announcements/firsthalfof2016.html

Public permalinkhttp://www.publicnow.com/view/A6A72B3C3292450AC0C6E569B2E21D5F3505B48C