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Norden lowers 2014 forecast to USD 290 million deficit

Norden lowers its full-year guidance to a deficit of USD 230 to 290 million. "It is no longer likely that certain time charter contracts predominantly entered into 3-6 years ago on vessels chartered in will become profitable," says the carrier.

After a new impairment, Norden expects a full-year 2014 deficit (EBITDA) in the range of USD 230 to 290 million. The previous full-year guidance was USD 60 - 0 million, says the carrier in a corporate statement.

"Following an updated market evaluation, Norden has concluded that it is no longer likely that certain time charter contracts predominantly entered into 3-6 years ago on vessels chartered in will become profitable. As a consequence, a provision of USD 230 million is recognised for onerous time charter contracts in dry cargo," says the carrier.

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