Weak market forces Norden to downgrade 2014

A steep decline in profits continued with unexpected force into the 2nd quarter of the year, but the second half of the year is expected to be better, says Norden in its interim report. The carrier reduces expectations for the year as a whole.

The strong decline for Norden continued into the 2nd quarter with unexpected force, though improvements are expected in the second half of the year, according to D/S Norden's interim report for the 1st quarter 2014.

”As expected, the first quarter saw challenging market conditions, not least in dry cargo where the Atlantic market more or less collapsed. This collapse has also had a significant impact on the second quarter, which we were otherwise expecting to contribute positively to operating earnings. Therefore, we now take the consequence of this and make a downward adjustment of the expectations for the results for the year. However, this does not change the fact that we are still expecting an improvement of the markets in the second half-year and that I am pleased with the continued increase in ship values, which are now USD 175 million above carrying amounts,” says CEO Carsten Mortensen.

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