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Norden announces 2016 financial report

Published by , Digital Assistant Editor
Dry Bulk,

Norden has announced its 2016 full year results, including the following highlights.

Annual report for 2016

Adjusted results for the year 2016: US$-35 million (2015: US$ -263 million) corresponding to EBIT 2016 US$ -65 million.

Dry Cargo: Adjusted result for the year: US$ -52 million (US$ -364 million). Q4: US$ -13 million affected by extraordinary cost of US$ 4 million in connection with restructuring of 2 T/C contracts.

Tankers: Adjusted result for the year: US$ 17 million (US$ 101 million). Q4: US$ -1 million.

Expectations for 2017

Expected adjusted results for 2017 for the group: US$ -20 to +40 million based on an improving dry cargo market and a tanker market expected to be weaker than in 2016.

CEO, Jan Rindbo, said: ”In general, the markets developed as expected in 2016, and NORDEN positioned itself towards them also on the long term through a number of initiatives. We have focused and optimised the fleet, increased operator activities in Dry Cargo and reduced annual fleet operating costs by USD 15 million. This has not prevented a loss in 2016, but it plays a part in creating the foundation for the fact that the midpoint of our expectations for 2017 indicates a profit. In 2017, in Dry Cargo we will focus on taking advantage of expected improved markets and strengthening our operator activities, while in Tankers we are focusing on positioning ourselves towards possible market improvements after 2017.”

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Dry bulk shipping market