Interim report – first quarter 2015
Attached please find the full report as PDF file.
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Announcement no. 9
12 May 2015
Interim report – first quarter of 2015
Today, the Board of Directors approved the interim report for the first quarter of 2015. The full report is attached as PDF file and contains the following highlights:
• Solid start to the year – Group EBIT for the first quarter of 2015 of USD 30 million (Q1 2014: USD -23 million).
• Results for the period of USD 39 million.
• Strong tanker market: EBIT USD 28 million and earnings 55% and 32%, respectively, above 1-year T/C rates in Handysize and MR.
• Historically poor dry cargo market: EBIT USD 4 million positively affected by high coverage and low capacity costs.
• Earnings 44% above average 1-year T/C rates and 113% above spot rates in the dry cargo market.
• Cash flows from operating activities USD 44 million before prepayment (USD 47 million) for T/C contracts.
• Market price of dry cargo vessels under continued pressure.
• The tanker market is expected to continue the positive notes whereas the dry cargo market is only expected to marginally improve.
• New CEO Jan Rindbo taken up position on 30 April.
• Expectations for EBIT for 2015 maintained: USD -40 to 40 million.
President and CEO Jan Rindbo in comment:
”A strong tanker market and a high level of coverage in a very poor dry cargo market have provided NORDEN with a solid start to 2015. The upswing in tankers has been broadly based, and with a large and modern fleet of product tankers, NORDEN is well positioned to benefit from this. However, the strong tanker market cannot balance out the historically poor dry cargo market in which especially a significant drop in Chinese imports of coal has further weakened the market. Based on this, expectations for the results for the year are maintained.”
A telephone conference will be held today at 3:30 p.m. (CET) where CEO Jan Rindbo, CFO Michael Tønnes Jørgensen and Executive Vice President Martin Badsted will comment on the report. By 3:25 p.m. (CET) at the latest, Danish participants should dial in on +45 3271 1660 while participants from abroad should dial in on +44 (0) 20 7136 6283 or +1 646 254 3363. The telephone conference can be followed live at www.ds-norden.com where the accompanying presentation is also available.
Further information: CFO Michael Tønnes Jørgensen and Executive Vice President Martin Badsted, tel. +45 3315 0451.
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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919