PRESENTATION OF

Q2 2021 RESULTS

Copenhagen, Denmark, 18 August 2021

AGENDA

FOR TODAY

01. Group Results

02. Business unit performance & Market outlook

  • Asset Management
  • Dry Operator
  • Tanker Operator
  1. Guidance for 2021
  2. Final words and Q&A

2 PRESENTATION OF Q2 2021

01.

HIGHLIGHTS Q2 AND H1 2021

3 PRESENTATION OF Q2 2021

01. HIGHLIGHTS Q2 AND H1 2021

BUSINESS UPDATE

On track to deliver best result in 11 years

  • Adjusted Result Q2 2021: USD 32 million (Q2 2020: USD 29 million)
  • Best quarterly result since Q2 2015 - Even stronger results expected for H2
  • Capitalising on increased market exposure in strong dry cargo market
  • Value of NORDEN's owned and leased fleet increased by USD 258 million
  • Increasing FY2021 expectation for Adjusted Result to USD 140-220 million

Business highlights

Adjusted Group Result last 5 years

Guidance

200

140-220

180

160

140

120

106

100

80

60

28

23

40

20

20

0

2017

2018

2019

2020

2021e

  • Asset Management: Q2 2021 USD 2 million
    • Portfolio value continues to increase based on strong dry cargo market
    • Taking in profits along the way, selling dry cargo vessels (USD 29 million for H2)
    • Entering attractive time charter cover, benefitting 2022 results
    • Extensive optionality on leased vessels becoming increasingly valuable
  • Dry Operator: Q2 2021 USD 34 million
    • Built and capitalised on all-time long position during Q2
    • Utilising arbitrage opportunities, optimising operations (geographies/vessels)
    • Very well positioned to further capitalise on strong dry cargo market in H2
  • Tanker Operator: Q2 2021 USD -4 million
    • Adding length and optionality to position for medium-term market improvements
    • Effectively mitigating short-term exposure

Adjusted Result split per business unit (Q2 2021)

34

34

29

24

19

14

9

4

2

-1

-6

Asset Management

Dry Operator

-4

Tanker Operator

4 PRESENTATION OF Q2 2021

02.

BUSINESS UNIT PERFORMANCE

AND MARKET OUTLOOK

5 PRESENTATION OF Q2 2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Dampskibsselskabet NORDEN A/S published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2021 06:23:08 UTC.