D/S Norden
Interim report – third quarter 2014

DGAP-News: D/S Norden

12.11.2014 / 08:13

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Attached please find the full report as PDF file.

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                                                             Announcement no. 37

                                                                12 November 2014

Interim report - third quarter of 2014

Today, the Board of Directors approved the interim report for the third quarter
of 2014. The full report is attached as PDF file and contains the following
highlights: 

* EBITDA Q3 2014 USD -11 million (Q3 2013: USD 19 million) in continued weak
markets. 

* Results are not satisfactory, but in line with the most recently announced
expectations. 

* Earnings in Dry Cargo 7% above the 1-year T/C rates and 55% above spot rates.

* Earnings in Tankers 10% and 3% above the 1-year T/C rates for Handysize and
MR, respectively. 

* Cash flow from operating activities of USD 9 million due to improvement in
working capital. 

* Market value of owned vessels USD 24 million above carrying amounts.

* Significant improvement in the tanker spot market in the beginning of the
fourth quarter. In dry cargo, some improvement in rates for the fourth quarter
compared to the third quarter is still expected. 

* Expectations for 2014 EBITDA are maintained: USD -60 to 0 million.

* Expectations of a continued weak dry cargo market in 2015.

Interim CEO Klaus Nyborg in comment:

'In terms of results, the third quarter ended as expected at the beginning of
the quarter. The challenging market conditions in dry cargo continued, and the
tanker market experienced good activity with further improvement at the
beginning of the fourth quarter. NORDEN outperformed the market in both
segments and maintains its expectations for full-year results. The weak market
development may provide attractive opportunities.' 

A telephone conference will be held today at 3:30 p.m. (CET) where interim CEO
Klaus Nyborg, CFO Michael Tønnes Jørgensen and Executive Vice President Martin
Badsted will comment on the report. By 3:25 p.m. (CET) at the latest, Danish
participants should dial in on +45 3272 8018 while participants from abroad
should dial in on +44 (0) 145 255 5131 or +1 866 682 8490. The telephone
conference can be followed live at www.ds-norden.com where the accompanying
presentation is also available. 

Further information: CFO Michael Tønnes Jørgensen and Executive Vice President
Martin Badsted, tel. +45 3315 0451. 

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    DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO.
                                    67758919
News Source: NASDAQ OMX



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Language:    English       
Company:     D/S Norden    
 
 
             Denmark       
ISIN:        DK0060083210  
 
 
End of News    DGAP News-Service  
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