D/S Norden
Interim report – first half-year 2014

DGAP-News: D/S Norden

13.08.2014 / 08:13

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Attached please find the full report as PDF file.

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                                                             Announcement no. 34

                                                                  13 August 2014

Interim report - first half-year 2014

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

* EBITDA Q2 2014 USD -7 million (Q2 2013: USD 4 million)

* Results for the period H1 2014: USD -68 million (H1 2013: USD -34 million),
which is unsatisfactory 

* The weak dry cargo market continued

* Dry Cargo earnings 1% above the average 1-year T/C rates and 57% above Baltic
Exchange spot rates 

* Disappointing tanker market

* Market value of owned vessels USD 94 million above carrying amounts

* Strategy adjusted to the unsatisfactory market development:

  -- Activity level reduced by fewer operated vessels
  -- No further investments in the second quarter of 2014

* Some improvement in rates towards the end of the year is expected in both
segments 

* Expectations for 2014 EBITDA are adjusted downwards to USD -60 to 0 million
(USD -40 to 60 million) 

Interim CEO Klaus Nyborg in comment:

'The second quarter was more challenging than expected at the beginning of the
year, and the 2014 markets have not yet met the expectations of a gradual
improvement - neither within dry cargo nor tankers. But despite a significant
worsening in the dry cargo market in the second quarter, NORDEN improved its
Dry Cargo results compared to the first quarter. At the same time, NORDEN has
taken advantage of the flexibility of the business model and reduced the fleet.
The market rates are still expected to improve towards the end of the year but
not to such an extent that we can maintain our previous expectations for the
results for the year. Based on this, NORDEN makes a downward adjustment of its
expectations to an EBITDA of USD -60 to 0 million.' 

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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