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Norden reports highlights from second quarter results

Published by , Assistant Editor
Dry Bulk,

Norden has shared its highlights from the second quarter of 2019.

Second quarter of 2019

  • Adjusted Result* for 2Q19: US$12 million (2Q18: US$4 million).
  • Adjusted Result* for first half-year of 2019: US$-5 million (1H18:US$12 million).
  • Dry Operator: US$-6 million (US$8 million).
  • Dry Owner: US$-2 million (US$3 million).
  • Tankers: US$-3 million (US$-8 million).
  • Profit from sale of vessels: US$3 million.

* "Profit/loss for the period" adjusted for "Profit/loss from sale of vessels," etc.

Expectations for 2019

  • Expectations for the adjusted result for the year are maintained at US$25 - US$60 million. 

Challenging trading

CEO Jan Rindbo commented: “Dry Operator entered the second quarter on the wrong foot but managed to quickly adjust its position to still generate a positive trading margin. However, this was not enough to prevent a loss in this business unit. Despite the disappointing result, we still expect Dry Operator to be profitable for the full year, which, combined with a firming forward Tanker market, enables NORDEN to maintain the overall guidance of US$25 - 60 million profit for 2019.”

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