Norden revises expectations for 2018
Due to a very weak tanker spot market, Norden lowers its expectations for the Adjusted Result for the year to USD 0 to 30 million, down from USD 10 to 50 million. The expected full-year result for the tanker business is revised down to a range of USD -35 to -20 million against previously USD -15 to 5 million.
The Tanker market has worsened throughout 2018 and is currently at unexpectedly low levels. The Adjusted Result for Tankers for the second quarter is USD -8 million. The expected full-year result for Norden’s tanker business is therefore revised down to a range of USD -35 to -20 million, previously USD -15 to 5 million. The new estimate is based on a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.
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