The Danish operator of bulkers and tankers, Norden, recorded a profit of 27,7 million dollar in Q1 2020, compared to a loss of 5,3 million dollar for the first three months of 2019. Norden revises its guidance for the year-end result upwards by 10 million dollars.
“Despite the challenging environment, Norden realised an Adjusted Result of USD 29 million - the best first quarter result since 2015”, says CEO Jan Rindbo.
“The Dry Operator unit showed the strength of its business model, delivering a solid performance in a weak market. The newly formed Tanker Operator unit had a very positive start to the year due to good positioning in a strong market. All in all, all three business units delivered a profit for the quarter, and Norden raises its guidance for 2020 to 30-80 million dollars”, says Jan Rindbo.
The guidance is raised based on expectations of strong tanker spot rates and another good result from Tanker Operator in the second quarter, but a challenging market in the second half-year.