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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

ClassNK Completes Work on KOTC Vessel

ClassNK announced that it has completed work on the 31,445GT Product Tanker MUTRIBA, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Bulk Carrier Trends

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

Cargill: 50,000T of Sugar Affected by Brazil Fire

Approximately 50,000 tonnes of sugar were stored in a warehouse affected by fire in the Teag terminal in Brazil on Monday, Cargill Inc said in a statement. The terminal,

Simushir Under Tow by Barbara Foss

Foss Maritime's ocean-going tug, the Barbara Foss, is towing the Russian cargo vessel, Simushir, which lost power late Thursday night off the west coast of Haida Gwaii.

Finance

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Lerwick Port Awards £16.5 mi Expansion Contract

Lerwick Port Authority has awarded a construction contract for the latest expansion of the harbour’s facilities in a project costing a total of £16.5 million

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
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: 0.2328 sec (4 req/sec)