Attached please find the full report as PDF file.
________________________________________________________________________________
Announcement no. 16
12 August 2015
Interim report – second quarter and first half-year of 2015
Today, the Board of Directors approved the interim report for the second quarter and first half-year of 2015. The full report is attached as PDF file and contains the following highlights:
• Group EBIT for the second quarter of 2015 of USD 36 million – best result in 14 quarters (Q2 2014: USD -27 million).
• Results for the period first half-year of 2015: USD 82 million (USD -68 million).
• Strong tanker market: EBIT for the second quarter of USD 33 million, which is the best EBIT result for Tankers in the history of NORDEN.
• Tanker earnings 24% and 38%, respectively, above 1-year T/C rates in Handysize and MR.
• Continued weak dry cargo market: Better earnings, however, than expected at the start of the year: EBIT for the second quarter of USD 6 million.
• Dry Cargo earnings 45% above average 1-year T/C rates and 84% above spot rates.
• Cash flows from operating activities further strengthened: Second quarter USD 65 million.
• Fall in ship values levelled off. Upward trend since the end of the quarter for both Dry Cargo and Tankers.
• New Executive Management in place: Martin Badsted appointed new CFO
• Expectations for the 2015 EBIT result raised to USD 70-100 million based on continued high tanker market rates.
President and CEO Jan Rindbo in comment:
”NORDEN has performed well during the first half of 2015. Our Tanker business has utilised the particularly strong markets to generate its best quarterly operating result ever. At the same time, as a result of good coverage and sound business acumen, our Dry Cargo business has made it decently through an otherwise historically poor first half-year for the dry cargo market.
The Tanker market is expected to continue with high rates for the rest of the year, and on that background we raise the expectations for this year’s result.”
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. By 3:25 p.m. (CET) at the latest, Danish participants are to dial in on +45 3271 1660, while participants from abroad are to dial in on +44 (0) 20 3427 1918 or +1 646 254 3362. The telephone conference can be followed live at www.ds-norden.com, where the accompanying presentation is also available.
Further information: CEO Jan Rindbo, tel. +45 3315 0451.
________________________________________________________________________________
DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919
