Interim report – Third quarter of 2015
Attached please find the full report as PDF file.
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Announcement no. 18
11 November 2015
Interim report – Third quarter of 2015
Today, the Board of Directors approved the interim report for the third quarter of 2015. The full report is attached as PDF file and contains the following highlights:
• Group EBIT Q3 2015: USD 21 million – in line with expectations (Q3 2014: USD -28 million).
• Record result for Tankers: EBIT Q3 USD 37 million (USD -2 million).
• Continued weak dry cargo market: EBIT Q3 USD -9 million (USD -22 million).
• TCEs in both segments considerably above market rates.
• Result for the period Q3 2015: USD 10 million (USD -46 million).
• Unchanged vessel values.
• New strategy adopted.
• Continued focus on optimisation of newbuilding programme and cost savings.
• Declining rates in Q4 provides difficult start to 2016.
• Expectations for the 2015 EBIT result maintained and specified at USD 70 to 90 million.
CEO Jan Rindbo in comment:
”NORDEN’s tanker business has achieved a record result. Low oil prices and strong demand have kept tanker rates up also during the third quarter, which is otherwise considered to be low season.
The strong tanker result provides comfort during a time, when the dry cargo market continues to be very challenging, and consequently NORDEN has reduced its exposure to the market by adjusting its newbuilding programme and by chartering vessels for shorter periods.
Our initiated cost focus continues with good results, and we look forward to implementing our new strategy ”Focus and Simplicity”, which sets out to make NORDEN market leader within Supramax and Panamax vessels.”
A telephone conference will be held today at 3:30 p.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the report. It is requested that all participants have joined the meeting by latest 3:25 p.m. (CET) - Danish participants please dial in on +45 3271 1659, overseas participants please dial in on +44 (0) 20 3427 1906 or +1 212 444 0896. The telephone conference will be shown live at www.ds-norden.com, where the accompanying presentation will also be available.
Further information: CEO Jan Rindbo, tel. +45 3315 0451.
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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919