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Norden suffered USD 48 million deficit

Norden finished 2013 with a total deficit of USD 48 million. "2013 was a year of investment, not a year of profit making," says CEO Carsten Mortensen.

D/S Norden finished 2013 with an operating result of USD 24 million and a total deficit of USD 48 million. The carrier expects a positive operating result, EBITDA, of around USD 20 - 120 million for 2014.

"As expected, 2013 was a challenging year, which in advance had been proclaimed a year of investment, not a year of profit making. Results for the year constituted a loss of USD 48 million, which is not satisfactory. In spite of the lower EBITDA compared to the year before, 2013 marked a turn for the better in a number of areas within Norden’s business segments Dry cargo and tankers. Ship prices have increased significantly, which supports our expectations for improved markets, and with more than 28,000 open ship days in 2014 we are in a good position to take advantage of this," says CEO Carsten Mortensen.

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