Norden lowers its expectations for the full-year 2014 and now expects a deficit, according to the carrier's 2nd quarter interim report, published Wednesday morning.
"The second quarter was more challenging than expected at the beginning of the year, and the 2014 markets have not yet met the expectations of a gradual improvement – neither within dry cargo nor tankers. But despite a significant worsening in the dry cargo market in the second quarter, NORDEN improved its Dry Cargo results compared to the first quarter. At the same time, NORDEN has taken advantage of the flexibility of the business model and reduced the fleet. The market rates are still expected to improve towards the end of the year but not to such an extent that we can maintain our previous expectations for the results for the year. Based on this, NORDEN makes a downward adjustment of its expectations to an EBITDA of USD -60 to 0 million," says interim CEO Klaus Nyborg (photo).