Interim report - First quarter of 2019 and video: NORDEN Update

07 May 2019

Some highlights:

First quarter of 2019

• Adjusted Result* for Q1 2019: USD 7 million (Q1 2018: USD 9 million).
• Dry Operator: USD -3 million (USD 3 million)
• Dry Owner: USD 0 million (USD 5 million)
• Tankers: USD 10 million (USD 0 million).

Loss from sale of vessels: USD 12 million

Adjusted Result excluding effect of IFRS 16: USD 10 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 USD 25 to 60 million. Previous expectations

CEO Jan Rindbo in comment:

Strong winter market in tankers - Collapsing dry cargo market
“NORDEN generated a positive result in a quarter characterised by a strong winter market in tankers and a dry cargo market on the brink of collapse. NORDEN had anticipated a weak dry cargo market, but not even swift and agile response in Dry Operator could offset rates being halved within a three-week period. Dry Owner, however, was well protected against the weak market due to high coverage and generated a break-even result, while the Tanker business was well positioned towards a very strong winter market and delivered a good result.”

Full report

NORDEN press release