Norden Raises Expectations for 2017
- Business & Finance
Danish shipping company Dampskibsselskabet Norden A/S has raised its expectations for the adjusted results for 2017 to USD 20 to 35 million.
The company said that the move was made on the back of an improvement in earnings as a result of a stronger than expected performance in the fourth quarter of 2017 in both the dry cargo business, including the dry operator, and the tanker business.
The anticipated result is an increase from the previous expectations of USD -10 to 30 million.
Norden earlier informed that the company “is well positioned to benefit from the recent significant improvements in the dry cargo market.”
Jan Rindbo, Norden CEO, earlier said that the conditions for an improved result for the year were in place with a new focused operator platform for the short-term operator activity in dry cargo and a tanker business that continues to outperform the market.
In its third quarter of 2017 financial report, Norden informed that rates continued rising in its dry cargo business, while the company actively positioned vessels to benefit from a strong fourth quarter, while earnings expectations in tankers depended on the development in the spot market.
Norden will publish its annual report for 2017 on March 6, 2018.