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CEO Jan Rindbo says:  NORDEN continues to deliver strong results in volatile and challenging markets suppressed by the COVID-19 pandemic

Interim report – third quarter 2020

Highlights:

Third quarter 2020

  • Adjusted Result* for Q3 2020: USD 27 million (Q3 2019: USD -4 million)
    • Asset Management: USD 6 million (USD -4 million)
    • Dry Operator: USD 31 million (USD 3 million)
    • Tanker Operator: USD -10 million (USD -3 million)
  • Adjusted Result for the first nine months of 2020: USD 85 million (first nine months of 2019: USD -8 million)

* ”Profit/loss for the period” adjusted for “Profit/loss from sale of vessels, etc.

Outlook 2020

  • NORDEN raises its expectations for the full-year Adjusted Result to USD 90-120 million (previously USD 70-110 million). This is based on higher expectations for the Dry Operator business unit.

CEO Jan Rindbo in comment:

“NORDEN continues to deliver strong results in volatile and challenging markets suppressed by the COVID-19 pandemic. Q3 has shown Dry Operator’s significant ability to create value based on its asset light operations, delivering an outstanding result by capitalising on optimal regional positioning of the fleet and generating record high activity. On this basis, we once again raise our guidance for the full-year Adjusted Result to USD 90-120 million”.

Announcement no. 86

Source: Norden