Interim report - first half of 2010
17 Aug 2010
Some highlights
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In the second quarter, NORDEN's operating profit (EBITDA) increased by 246% to USD 100 million. This includes compensation of USD 41 million for cancellation of a charter party. The operating profit for the first half-year was USD 179 million against USD 44 million in the first half-year of 2009.
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The Company expanded its activities in Dry Cargo, and with high coverage at good rates, the Dry Cargo Department increased earnings for the sixth consecutive quarter even though the market gradually weakened. In Tankers, revenue from coverage contributed to a result close to zero in a continued weak market.
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The primary operating profit (EBIT) increased by 91% to USD 86 million. The net profit was USD 83 million after fair value adjustments of certain hedging instruments of USD 2 million (USD 12 million).
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Based on the good results in the first half-year and high coverage, NORDEN raises its expectations to an EBITDA of USD 240-270 million (previously 200- 250 million) and an EBIT of USD 225-255 million (previously 185-235 million). Previous expectations
President and CEO Carsten Mortensen says in a comment on the report:
The solid operating profit and the new upward adjustment confirm that we have put NORDEN back on the growth track after last year's adjustments of the business. The Company is well prepared to handle the challenges and opportunities that may arise in the dry cargo and tanker market in the short
term.
Telephone Conference and Audiocast at 15:30
NORDEN will hold a telephone conference in English at 15:30 CET where President & CEO Carsten Mortensen, CFO Michael Tønnes Jørgensen and SVP Martin Badsted will present and comment on the report as well as answer questions.
The conference will be transmitted via audiocast. More 
NORDEN's First Half of 2010 - 5-minute film - in Danish
CEO Carsten Mortensen presents NORDEN's First Half of 2010 in a short film - in Danish.
Watch the film here (in Danish)
