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Norden netprofit of 28.8 mio. dollar

Norden netprofit of 28.8 mio. dollar

05-03-2019 12:00:00

Danish shipping company Norden gained a net. Profit of 28,8 million dollars in 2018, compared to 24.6 million in 2017. The result for the year adjusted for profit from sale of vessels etc. was 20 million dollars compared to 28 million dollar I 2017.

“2018 marked a highly successful first full calendar year with the Dry Operator and Dry Owner set-up. Dry Operator alone realised an Adjusted Result of 30 million dollars, and with strong performance in the fourth quarter demonstrated its ability to generate value also in softening markets. The profits generated in our two dry cargo business units show the strength of our business model and more than off-set losses in Tankers in a historically poor tanker market”, CEO Jan Rindbo says.

“With continued strong performance in Dry Operator, an increase in coverage in Dry Owner and an increase in capacity in the tanker market, Norden is well positioned towards an uncertain dry cargo market and a tanker market expected to improve”.

Segment profits:

▪ Dry Operator: 30 million dollars
▪ Dry Owner: 18 million dollars
▪ Tankers: -28 million million dollars

Expected Adjusted Result for 2019 for the Group: USD 25 to 60 million based on improved market conditions in the tanker market and limited exposure to an uncertain dry cargo market.

Source: Norden

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