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Norden lost USD 35 million in 2016

Danish dry bulk and tanker carrier Norden finished 2016 with a deficit of USD 35 million. 2017 is only expected to be marginally better, says the carrier in the annual report.

Norden booked an adjusted deficit of USD 35 million in 2016.

This is evident from the carrier's annual report, published Wednesday.

"In general, the markets developed as expected in 2016, and Norden positioned itself towards them also on the long term through a number of initiatives. We have focused and optimized the fleet, increased operator activities in Dry Cargo and reduced annual fleet operating costs by USD 15 million. This has not prevented a loss in 2016, but it plays a part in creating the foundation for the fact that the midpoint of our expectations for 2017 indicates a profit. In 2017, in Dry Cargo we will focus on taking advantage of expected improved markets and strengthening our operator activities, while in Tankers we are focusing on positioning ourselves towards possible market improvements after 2017," says CEO Jan Rindbo in a comment on the results.

The carrier projects a full-year result for the current year only slightly above 2016.

The result for 2017 is expected to land somewhere between a loss of USD 20 million and a profit of USD 40 million, according to the annual report.

Norden has two divisions and the results came to an adjusted full-year loss of USD 52 million for dry bulk, which was still a significant improvement compared to 2015's deficit of USD 364 million, a loss attributed partly to massive impairments. In the fourth quarter 2016 alone, the carrier lost USD 13 million.

The tanker division delivered an adjusted profit of USD 17 million, a significant setback from USD 101 million last year. Like its competitors, the tanker division was marred by the downturn in the market in the fourth quarter, which finished with a loss of USD 1 million.

Norden controls a fleet of 36 tanker vessels and 199 dry bulkers.

English Edit: Daniel Logan Berg-Munch

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