NORDEN lowers full year results forecasts

Aug 09 2018

Due to a very weak tanker spot market, NORDEN has lowered its expectations for the adjusted result for 2018 to $0 to $30 mill, down from $10 to $50 mill.

The tanker market has worsened throughout 2018 and is currently at unexpectedly low levels.


The adjusted result for the Tanker division is minus $8 mill for the second quarter of this year.


Therefore, the expected full-year result for NORDEN’s tanker business has been revised down to a range of $-35 to $-20 mill (previously $-15 to $5 mill).


This new estimate is based on a continued very poor market in the third quarter, followed by moderate seasonal improvements in the fourth quarter.


NORDEN will publish its interim report for 2Q18 on 15th August, 2018.


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