NORDEN raises its expectations for 2010

22 Jun 2010

NORDEN has entered into agreements which improve earnings and optimise the newbuilding programme.

Today, NORDEN has agreed to cancel the contract regarding a Capesize vessel which has been chartered out to a business partner since 2008. As compensation for cancelling the contract, NORDEN will receive a one-off payment, which equals the value of the difference between the time charter hire and the expected market rate in the remaining duration of the contract of 3 years. NORDEN expects to recognise the whole amount at the end of June. The vessel is redelivered to the Company in August.

On the basis of this, NORDEN raises its expectations for the operating profit for 2010 before selling profits, depreciation and net financials (EBITDA) by USD 30 million to USD 200-250 million, and expectations to the primary operating profit (EBIT) are raised correspondingly. The upward adjustment concerns the activities in Dry Cargo, while the expectations in Tankers are unchanged. Previous expectations

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