Interim report - third quarter of 2019 and video: NORDEN Update
06 Nov 2019
Adjusted Result* for Q3 2019: USD -4 million (Q3 2018: USD -12 million)
Dry Operator: USD 3 million (USD 2 million)
Dry Owner: USD 2 million (USD 4 million)
Tankers: USD -8 million (USD -18 million).
Profit from sale of vessels: USD 4 million
EBIT Q3 2019: USD 12 million (USD -7 million)
* ”Profit/loss for the period” adjusted for “Profit/loss from sale of vessels, etc.
Expectations for 2019
On 24 October 2019, NORDEN revised the expectations for the Adjusted Result for the year to USD 10 to 45 million (down from USD 25 to 60 million). The adjustment of guidance was mainly related to a calculation error related to IFRS16, which impacted the estimate by around USD 15 million. Previous expectations
CEO Jan Rindbo in comment:
“Seasonally weak spot rates and vessels taken out of service for scheduled scrubber installations resulted in a third quarter loss in Tankers. However, with all but one scrubber installations completed on owned MR tankers and a much-improved tanker market sentiment for the fourth quarter of 2019, NORDEN is well positioned to capture the expected benefit. Dry Operator utilised trading opportunities to deliver a profit in the third quarter while securing a strong starting point for the fourth quarter. On this basis, we expect the full-year result for this business unit and also NORDEN as such to be profitable despite a challenging first half-year.”