Norden CEO Jan Rindbo is happy with the first half-year results in an extreme market volatility, while acting on attractive dry cargo asset opportunities
Some highlights:
Adjusted Result* for Q2 2020: USD 29 million (Q2 2019: USD -12 million)
▪ Asset Management: USD 11 million ( USD -3 million)
▪ Dry Operator: USD -4 million (USD -6 million)
▪ Tanker Operator: USD 22 million (USD -3 million)
Adjusted Result* for H1 2020: USD 58 million (H1 2019: USD -5 million)
* ”Profit/loss for the period” adjusted for “Profit from sale of vessels etc.”
Outlook for 2020: NORDEN raises its expectations for the full-year Adjusted Result to USD 40-80 million (previously USD 30-80 million). This is based on higher expectations for the Dry Operator business unit.
CEO Jan Rindbo says:
“In a first half-year with extreme market volatility, NORDEN delivered a strong result while acting on attractive dry cargo asset opportunities. Tanker Operator delivered an outstanding result, but H2 2020 earnings are expected to be much weaker due to lower rates. Dry Operator navigated well through severe market headwinds and is expected to generate substantial value in H2 2020. NORDEN raises its guidance for 2020 to USD 40-80 million.”
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