Norden returns to profit

Mar 09 2018

Danish drybulk and tanker owner and operator, NORDEN has posted its first positive annual result for five years on the back of a strong fourth quarter 2017.

The company announced a 2017 profit of $24.6 mill, compared to a loss of $45.6 mill  for the previous year. Revenue for the last 12 months increased to $1.8 bill from $1.25 bill reported for the previous year.


NORDEN’s drycargo and tankers reported an adjusted result of $14 mill each, against a negative $52 mill and plus $17 mill seen in 2016, respectively.


“Based on a strong performance in the fourth quarter, Norden delivered the first positive result in five years. With a new, agile business unit in the form of Dry Operator, a substantial cyclical exposure in both Dry Owner and Tankers and a skilled organisation with a winning mentality, NORDEN is well-positioned to 2018,” CEO Jan Rindbo said.


The company said that it expected its adjusted results for this year to be in the range of $10- $50 mill, based on a continued gradual improvement in the drycargo market and a tanker market that after a weak start to the year is expected to slightly improve.


For 2017, NORDEN’s MRs averaged $14,750 and the Handies $12.089 per day. In 4Q17, despite a slow start, due to lower Atlantic earnings, rates increased towards the end of the quarter to give a daily average of $14,772 for MRs and $11,465 for Handies.


The adjusted result for the tanker sector in 4Q17 was $2 mill. Revenue for 4Q17 was $82 mill and $338 mill for the full 12 months. EBITDA for 4Q17 was $9 mill and for the full year, $43 mill for tankers. 


An in-depth feature of the company’s tanker sector will appear in Tanker Operator’s Danish feature scheduled for the April issue.


Previous: TORM turns the corner - back in the black

Next: Impairment charge hits INSW’s bottom line

Nov-Dec 18

Bunkers - a looming nightmare; OSM, Bergshav; ballast water; Tanker Operator Hamburg report