Norden Raises Guidance for 2011

Wednesday, November 16, 2011
(Photo: Norden)

 

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. Tankers showed a good operational performance in very weak markets, and EBITDA for the quarter was USD 3 million against a loss of USD 2 million in the third quarter 2010.
- NORDEN’s EBITDA year-to-date was USD 124 million. Excluding non-recurring income, EBITDA was down 4% from last year due to poorer market conditions.
- Following higher depreciation due to fleet growth, profit from operations (EBIT) for the third quarter 2011 was USD 15 million (USD 45 million in the third quarter 2010, of which USD 32 million was related to profit from sale of vessels). Excluding profit from sale of vessels, EBIT was up 12%.
- Theoretical Net Asset Value (NAV) was DKK 249 per share against DKK 246 per share at the end of the second quarter. The increase is due to a higher USD/DKK exchange rate which more than offsets the lower market value of the fleet and charter parties with purchase option.
- Coverage in the remainder of 2011 is 104% in Dry Cargo and 42% in Tankers. Coverage for 2012 has increased to 57% in Dry Cargo and 14% in Tankers.
- NORDEN revises its full-year estimates to an EBITDA of $160-180 million (previously $135-175 million) and an EBIT of $80-100 million (previously $55-95 million).
"After a sluggish first half of the year, the dry cargo market regained some strength during the third quarter," Norden, a dry-bulk and tanker operator with a fleet of 216 vessels, said in a statement on Tuesday, as reported by Reuters.
 
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Bulk Carrier Trends

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Private Buyers in Iran Look to Boost Grain Market

One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Finance

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Coast Guard Responds to Grounded Freighter in Lake St. Clair

The Coast Guard has responded Sunday to a 656-foot freighter that was hard aground in the downbound shipping channel of Lake St. Clair. Initial reports indicate

Leighton HY14 net margin Up to 2.7%

Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million,

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1054 sec (9 req/sec)