Interim report - third quarter of 2009
19 Nov 2009
Some highlights
For the third consecutive quarter, the Dry Cargo Department increased its earnings to an EBITDA of USD 37 million. The progress is a result of decreasing fleet costs and long-term coverage of the vessels at attractive rates. In all vessel types, earnings were better than the spot rates.
The Tanker Department had an operating loss (EBITDA) of USD -6.5 million in markets, which were worse than expected. However, the International Energy Agency (IEA) is expecting increasing oil consumption from 2010, and at the same time, the cost base is improved due to redelivery of 2 expensive, chartered LR1 vessels.
The total profits were slightly lower than expected due to the development in Tankers: the primary operating profit (EBIT) was USD 28 million for the quarter and USD 95 million year-to-date. The net profit was USD 37 million for the quarter and USD 169 million year-to-date.
NORDEN still expects that the fourth quarter will be the best quarter of the year earnings wise; income from already covered ship days (112% in Dry Cargo and 45% in Tankers) contributes to an expected EBITDA of approximately USD 48-58 million, and proceeds from sale of vessels amount to USD 16 million. Uncertainties particularly concern possible postponements of contract cargoes and rates on open ship days in Tankers.
The expectations for 2009 are narrowed down to an EBITDA of USD 120-130 million (against previous USD 100-150 million) and an EBIT of USD 150-160 million (against previous USD 122-172 million). The changes reflect a better result in Dry Cargo and a worse result in Tankers. Previous expectations
- more here:
http://www.ds-norden.com/investor/financialnews/announcements/interimreport-thirdquarterof2009.html
19/11 2009 22:04 renek 0
22319 For dem som gerne vil i DNORD eller som vil supplere er den fortsat for overkøbt. Der kan med fordel ventes på et dybere pullback. Kommer med graf i morgen (håber jeg)
20/11 2009 01:16 TDAE 022328 Den vil jeg se frem til rkhanen. Jeg planlægger en dobling af beholdningen i Norden.
/TDAE
/TDAE
