Norden maintain the overall guidance

Norden maintain the overall guidance

14-08-2019 12:00:00

Despite a loss in Dry Operator in the second quarter, NORDEN maintain the overall guidance of USD 25-60 million profit for 2019. The adjusted result for the first half-year of 2019 is a loss of 5 million dollar, compared to a profit of 12m dollar in H1 2018.

“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 USD 25-60 million profit for 2019”, says CEO Jan Rindbo.

Some highlights of the second quarter of 2019:

Dry Operator: USD -6 million (USD 8 million)
Dry Owner: USD -2 million (USD 3 million)
Tankers: USD -3 million (USD -8 million).
Profit from sale of vessels: USD 3 million

Expectations for 2019

Expectations for the Adjusted Result for the year are maintained at USD 25 to 60 million. Previous expectations

Source: Norden

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