ANNOUNCEMENT NO. 12 -
Attached please find the full interim report as PDF file
Today, the Board of Directors approved the interim report for the first quarter 2020. The report contains the following highlights:
Results
Adjusted Result* for Q1 2020:
- Asset Management:
USD 7 million (USD 0 million ) - Dry Operator:
USD 4 million (USD -3 million ) - Tanker Operator:
USD 18 million (USD 10 million )
Loss from sale of vessels:
EBIT Q1 2020:
*”Profit/loss for the period” adjusted for “Profit from sale of vessels etc.”
Markets
- Weaker underlying fundamentals due to COVID-19 lockdowns.
- Dry Cargo: Very weak spot market with Supramax and Panamax rates 16-18% lower than Q1 2019.
- Tankers: Strong spot market despite weak oil demand. Rates spiking due to floating storage demand.
Performance
- Assets Management: Benefitting from high coverage in Dry Cargo and increased exposure to tanker market. Scrubber values lower due to tightening fuel spreads.
- Dry Operator: Good performance in a declining market.
- Tanker Operator: Very strong start to the year due to good positioning in a strong market.
Vessel Values
NORDEN owned vessel values
- Dry Cargo: -7%
- Tankers: -2%
Downward pressure on Dry Cargo asset values and T/C rates. Improvements in tanker spot rates have not translated into higher asset values due to increased market uncertainty.
Guidance
NORDEN Expects an Adjusted Result for 2020 in the range of
There is a high degree of uncertainty attached to our outlook due to the unprecedented nature of COVID-19 and lack of visibility with respect to reopening of economies.
STRONG START TO THE YEAR
“Despite the challenging environment, NORDEN realised an Adjusted Result of
CEO
A telephone conference will be held today at
For further information:
Attachments
- No. 12 - Interim report first quarter 2020
- Interim report first quarter 2020
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