Due to a very weak tanker spot market, NORDEN lowers its expectations for the Adjusted Result for the year to USD 0 to 30 million, down from USD 10 to 50 million.
With an Adjusted Result of USD 8 million in the second quarter, the performance of Dry Operator has exceeded expectations, and the business unit is expected to deliver a result in the second half of 2018 in line with or higher than that of the first half. The full-year expectation is therefore raised to USD 20 to 30 million (previously USD 10 to 20 million).
The Dry Cargo market has developed in line with expectations, and due to high coverage the guidance is narrowed to USD 15 to 20 million (previously USD 15 to 25 million).
The Tanker market has worsened throughout 2018 and is currently at unexpectedly low levels. The Adjusted Result for Tankers for the second quarter is USD -8 million. The expected full-year result for NORDEN’s tanker business is therefore revised down to a range of USD -35 to -20 million (previously USD -15 to 5 million). The new estimate is based on a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.
NORDEN publishes the interim report for the second quarter on Wednesday 15 August 2018 and will host a conference call at 3.30pm CET on the day.