NORDEN INCREASES EXPECTATIONS FOR ANNUAL RESULTS
ADVERTISEMENT NO. 71 – 29 JUNE 2021
Following the increase in dry freight market rates and the strong performance of the Dry Operator business unit, NORDEN is raising its expectations for the adjusted result for the year 2021 to 140-200 million USD (approximately 870-1 250 million DKK), against 110-160 USD. million. The new forecast is based on continued increases in forward freight rates for the third and fourth quarters in the dry cargo market, which for the Supramax and Panamax vessels have increased by around $ 10,000 per day since the end of May, and about $ 2,750 per day in just the last week.
The wider guidance range reflects the fact that earnings expectations are based on a currently large position held in a dry freight market with unusually high volatility, and which is primarily based on unrealized future earnings.
“With significant rate increases in recent weeks and especially in recent days, expected future profits continue to increase based on Dry Operator’s long position (more tonnage than cargo). The operational performance of our Dry Operator business unit allows us to continuously take advantage of market volatility as well as daily vessel usage, ”said Jan Rindbo, CEO of NORDEN.
From a profit perspective, NORDEN’s other two business units, Asset Management and Tanker Operator, are developing in line with previously announced expectations. However, the values of the Asset Management portfolio are increasing alongside rising values of dry freight assets and higher forward freight rates.
Dampskibsselskabet NORDEN A / S
For more information:
Thomas France, Investor Communications Partner, tel. : +45 3273 0629, e-mail: [email protected]
NORDEN was founded in 1871, making it one of the oldest shipping companies operating internationally. The Company provides dry cargo and petroleum product transportation services globally and provides investors with income from advanced operator activities implemented by a highly skilled organization, in addition to cyclical exposure to dry cargo and petroleum product markets. With 11 offices on 6 continents, NORDEN is an integral part of the global commodity trade – providing reliable, safe and compliant transport solutions to customers around the world. More information can be found on the company’s website: www.norden.com/
N ° 71 NORDEN raises expectations