NORDEN narrows losses

Nov 08 2019


Drybulk and tanker operator, NORDEN reported a negative adjusted result of $4 mill for the third quarter of this year, down from a negative $12 mill recorded for 3Q18.

Tankers came in at minus $8 mill for 3Q19, compared to minus $18 mill for the same period in the previous year, while the two drybulk operations recorded a profit.

The Group’s EBIT was $12 mill, compared to minus $7 mill in 3Q18.

On 24th October, 2019, NORDEN revised the expectations for the adjusted result for the year to $10 to $45 mill - down from $25 to $60 mill.

This adjustment was mainly due to a calculation error related to IFRS16, which impacted the estimate by around $15 mill.

CEO Jan Rindbo said; “Seasonally weak spot rates and vessels taken out of service for scheduled scrubber installations resulted in a third quarter loss in Tankers.

However, with all but one scrubber installations completed on owned MR tankers and a much-improved tanker market sentiment for the fourth quarter of 2019, NORDEN is well positioned to capture the expected benefit.

Dry Operator utilised trading opportunities to deliver a profit in the third quarter while securing a strong starting point for the fourth quarter. On this basis, we expect the full-year result for this business unit and also NORDEN as such to be profitable despite a challenging first half-year,” he said.

 



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