Norden posts Q2 pre-tax results
Copenhagen-listed shipowner Norden has reported a second-quarter pre-tax loss from its tanker division of $1m, and a $32m profit from the dry cargo department.
The Danish company’s fortunes have mirrored general market conditions. The dry cargo division saw earnings before interest, tax, depreciation and amortisation increase by 275% to $32m between the first quarter to second quarter of 2009. This was still 81% lower than the same quarter a year previously.
The second quarter figures helped give Norden a total first half ebitda of $44m, on the basis of $41m from the dry cargo operations and $8m from the tanker department.
The company announced that in response to the dramatic decline in the dry cargo market at the end of last year and earlier this year it has reduced its fleet of active bulk vessels by 75 vessels to 193, as of the end of June 2009.
The tanker fleet consisted of 26 vessels as of the same date. The 50%-owned Norient pool operates 72 vessels, with an orderbook for a further 16.
In total Norden has 35 owned newbuildings and 48 long term chartered vessels for future delivery, with four being delivered during the third quarter this year.
As guidance it says earnings before interest, taxes, depreciation and amortisation for the group by the end of the year is expected to be $100m -$150m, with the dry cargo department contributing $110m-$150m and the tanker department from nothing to $20m.
The Danish company’s fortunes have mirrored general market conditions. The dry cargo division saw earnings before interest, tax, depreciation and amortisation increase by 275% to $32m between the first quarter to second quarter of 2009. This was still 81% lower than the same quarter a year previously.
The second quarter figures helped give Norden a total first half ebitda of $44m, on the basis of $41m from the dry cargo operations and $8m from the tanker department.
The company announced that in response to the dramatic decline in the dry cargo market at the end of last year and earlier this year it has reduced its fleet of active bulk vessels by 75 vessels to 193, as of the end of June 2009.
The tanker fleet consisted of 26 vessels as of the same date. The 50%-owned Norient pool operates 72 vessels, with an orderbook for a further 16.
In total Norden has 35 owned newbuildings and 48 long term chartered vessels for future delivery, with four being delivered during the third quarter this year.
As guidance it says earnings before interest, taxes, depreciation and amortisation for the group by the end of the year is expected to be $100m -$150m, with the dry cargo department contributing $110m-$150m and the tanker department from nothing to $20m.