Norden Back to Profit in Q1
Danish shipping company Dampskibsselskabet Norden A/S has reported its adjusted result for the first quarter of 2017 at $1 million, against a loss of $5 million seen in 2016.
The shipowner and operator in the dry cargo and tanker segment worldwide returned to an adjusted profit for the first time in two years.
Norden’s tanker activities generated an adjusted result for the period of $10 million, compared to $15 million seen in the corresponding quarter in 2016.
CEO Jan Rindbo said in a statement: ”On the back of strong performance by our Tanker business in a challenging market, we present our first quarterly adjusted profit since 2015."
Jan added: "In Tankers, we were able to make the most of regional and temporary market spikes and benefitted from the decision to increase our chartered fleet at relatively low costs at the end of 2016."
"In Dry Cargo, we did not benefit from the improving rates in the first quarter, but they have increased the value of NORDEN’s forward position in a year that overall still looks challenging in both segments,” Jan concluded.
Expectations for the adjusted result for the year maintained at -$20 to +$40 million with a dry cargo market that is expected to offer rates a little higher than in 2016 and a tanker market that still looks challenging throughout 2017, said the company
