Dampskibsselskabet Norden A/S has reported its adjusted result for the first quarter of 2017 at USD 1 million, against a loss of USD 5 million seen in 2016.
Norden’s tanker activities generated an adjusted result for the period of USD 10 million, compared to USD 15 million seen in the corresponding quarter in 2016.
The dry cargo result for the first quarter has not benefited from the increase in market rates, as Norden entered the quarter with more than 100% cover and the adjusted result for the period ended at USD -9 million, shrinking from USD -20 million reported a year earlier.
“On the back of strong performance by our Tanker business in a challenging market, we present our first quarterly adjusted profit since 2015,” Jan Rindbo, Norden CEO, said.
“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,” Rindbo said, adding that, in dry cargo, the company “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.”