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Norden Raises Guidance for 2011

Danish shipping company D/S Norden upgraded earnings guidance for 2011, saying its dry-bulk business gained market share and it saw prospects for a solid fourth quarter. - NORDEN’s operating earnings (EBITDA) in the third quarter 2011 were $36m, a $14m improvement on the third quarter 2010. - EBITDA in Dry Cargo was USD 35 million, up from USD 27 million in the same period last year. T/C income per ship day outperformed market rates by 25%, mainly due to high coverage at sound rate levels.