Attached please find the full report as PDF file.
Dampskibsselskabet NORDEN A/S
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Announcement no. 51
13 November 2013
Interim report – third quarter 2013
Today, the Board of Directors approved the interim report for the third quarter of 2013. The full report is attached as PDF file and contains the following highlights:
- EBITDA USD 19 million (Q3 2012: USD 23 million)
- Continued investment focus in expectation of improved markets in the coming years
- Investments in additional 5 ECO vessels since the second quarter increases the order book to 29 vessels
- Significant rate increases in dry cargo indicate that the market is better balanced than previously assumed
- Best Q3 spot tanker market since 2008
- Fleet values up by 5% in the quarter – market values on par with carrying amounts
- Expectations narrowed down: EBITDA USD 25-45 million
President and CEO Carsten Mortensen in comment: ”The market really showed signs of life in the third quarter. In a short period of time, rates for the large dry cargo vessels increased substantially, which also benefited the small vessel types. The increase was stronger than expected and shows that the prerequisites for a more sustainable improvement are present. Within tankers, there were also positive signs where record-high US exports helped lifting the market. So even though it is still a challenging year, this quarter emphasises that we are getting closer to a gradual improvement of the markets.”
A telephone conference will be held today at 3:30 p.m. (CET) where CEO Carsten Mortensen, CFO Michael Tønnes Jørgensen and Executive Vice President Martin Badsted will comment on the report. By 3:25 p.m. (CET) at the latest, Danish participants should dial in on +45 3272 8018 while participants from abroad should dial in on +44 (0) 145 255 5131 or +1 866 682 8490. The telephone conference can be followed live at www.ds-norden.com where the accompanying presentation is also available.
Further information: CEO Carsten Mortensen, tel. +45 3315 0451.
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Dampskibsselskabet NORDEN A/S
52, Strandvejen
DK-2900 HELLERUP
CVR no. 67758919
www.ds-norden.com
