Trasporti
Interim report – second quarter and first half year of 2019
ANNOUNCEMENT NO. 14 -14 AUGUST 2019
Attached please find the full interim report as PDF file
Today, the Board of Directors approved the interim report for the second quarter of 2019. The report contains the following highlights:
Results
Adjusted Result* for Q2 2019: USD -12 million (Q2 2018: USD 4 million)
Adjusted Result H1 2019: USD -5 million.
Profit from sale of vessels: USD 3 million
*”Profit/loss for the period” adjusted for “Profit from sale of vessels etc.”
Markets
Performance
Vessel Values
Increase in value of T/C portfolio due to rising forward rates in both dry cargo and tankers.
Guidance
CHALLENGING TRADING ENVIRONMENT FOR DRY OPERATOR
“ Dry Operator entered the second quarter on the wrong foot, but managed to quickly adjust its position to still generate a positive trading margin. However, this was not enough to prevent a loss in this business unit. Despite the disappointing result, we still expect Dry Operator to be profitable for the full year, which, combined with a firming forward Tanker market, enables NORDEN to maintain the overall guidance of USD 25-60 million profit for 2019 .”
CEO Jan Rindbo
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 interim report. It is requested that all participants have joined the meeting by latest 3:25 p.m. (CET) – international participants please dial in on +44 (0) 207 192 8000 or +1 631 510 7495, Danish participants please dial in on +45 3272 8042. The telephone conference will be shown live at www.ds-norden.com , where the accompanying presentation wil also be available.
For further information:
Jan Rindbo, CEO, tel.: +45 3315 0451
Attachments
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti