Interim report – third quarter 2014
Attached please find the full report as PDF file.
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Announcement no. 37
12 November 2014
Interim report – third quarter of 2014
Today, the Board of Directors approved the interim report for the third quarter of 2014. The full report is attached as PDF file and contains the following highlights:
• EBITDA Q3 2014 USD -11 million (Q3 2013: USD 19 million) in continued weak markets.
• Results are not satisfactory, but in line with the most recently announced expectations.
• Earnings in Dry Cargo 7% above the 1-year T/C rates and 55% above spot rates.
• Earnings in Tankers 10% and 3% above the 1-year T/C rates for Handysize and MR, respectively.
• Cash flow from operating activities of USD 9 million due to improvement in working capital.
• Market value of owned vessels USD 24 million above carrying amounts.
• Significant improvement in the tanker spot market in the beginning of the fourth quarter. In dry cargo, some improvement in rates for the fourth quarter compared to the third quarter is still expected.
• Expectations for 2014 EBITDA are maintained: USD -60 to 0 million.
• Expectations of a continued weak dry cargo market in 2015.
Interim CEO Klaus Nyborg in comment:
”In terms of results, the third quarter ended as expected at the beginning of the quarter. The challenging market conditions in dry cargo continued, and the tanker market experienced good activity with further improvement at the beginning of the fourth quarter. NORDEN outperformed the market in both segments and maintains its expectations for full-year results. The weak market development may provide attractive opportunities.”
A telephone conference will be held today at 3:30 p.m. (CET) where interim CEO Klaus Nyborg, 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 3272 8018 while participants from abroad should dial in on +44 (0) 145 255 5131 or +1 866 682 8490. 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