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Annual Report 2016 and Expectations for 2017

01 Mar 2017

Some highlights:

Annual Report for 2016

  • Adjusted results for the year* 2016: USD -35 million (2015: USD -263 million) corresponding to EBIT 2016 USD -65 million (USD -282 million)

  • Dry Cargo: Adjusted result for the year: USD -52 million (USD -364 million). Q4: USD -13 million affected by extraordinary cost of USD 4 million in connection with restructuring of 2 T/C contracts.

  • Tankers: Adjusted result for the year: USD 17 million (USD 101 million). Q4: USD -1 million.

Expectations for 2017

  • Expected adjusted results for 2017 for the group: USD -20 to +40 million based on an improving dry cargo market and a tanker market expected to be weaker than in 2016.

CEO Jan Rindbo in comment: ”In general, the markets developed as expected in 2016, and NORDEN positioned itself towards them also on the long term through a number of initiatives. We have focused and optimised the fleet, increased operator activities in Dry Cargo and reduced annual fleet operating costs by USD 15 million. This has not prevented a loss in 2016, but it plays a part in creating the foundation for the fact that the midpoint of our expectations for 2017 indicates a profit. In 2017, in Dry Cargo we will focus on taking advantage of expected improved markets and strengthening our operator activities, while in Tankers we are focusing on positioning ourselves towards possible market improvements after 2017.”

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