ANNOUNCEMENT NO. 64 -
NORDEN is well-positioned to capitalise on a historically strong dry cargo market through significant increases in fleet values and by building strong positions for the remainder of 2021.
For Q1 2021, NORDEN reports an Adjusted Result of
The strong dry cargo market has led to an increase in the value of NORDEN’s portfolio of
CEO
Asset Management: Extraordinary increases in dry asset values
- Adjusted Result Q1 2021:
USD 2 million (Q1 2020:USD 7 million ) - Increase in market value of owned and leased vessels of
USD 106 million - Capitalising on strong growth in dry cargo asset prices through gradual increased exposure to dry cargo in the past year
Dry Operator: Soaring dry market rates prompted quick repositioning
- Adjusted Result Q1 2021:
USD 0 million (Q1 2020:USD 4 million ) - Quick adjustment from short to long position (more tonnage than cargoes) which will benefit earnings significantly from Q2 onwards
- Average of 322 operated vessels in Q1 2021 – 31% up from Q1 2020
Tanker Operator: Preparing for second half-year improvements
- Adjusted Result Q1 2021:
USD -8 million (Q1 2020:USD 18 million ) - Mitigating the worst effects of the weak spot market with high coverage on its managed fleet
- Preparing for increased activity for the second half of 2021 and beyond by optimising vessel portfolio
A telephone conference as well as an audiocast will be held today at
Webcast link: https://edge.media-server.com/mmc/p/gc4wuszb
Dial in details for conference call:
Danish participants: (+45) 32720417
International participants:
UK: +44 (0) 2071 928338
USA: +1 646 741 3167
Confirmation code: 8295474
The audiocast will be recorded and made available on NORDEN’s website subsequently.
For further information:
Attachments
- No. 64 Interim report first quarter 2021
- NORDEN_Q1_2021_UK
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