Norden Lowers Its Expectations for Adjusted Result

Danish shipowner Norden has lowered its expectations for the adjusted result for the year to $0 to 30 million, down from $10 to 50 million, citing a weaker than expected tanker spot market.

Norden's expected full-year result for its tanker business has been revised down to a range of -$35 to -20 million (previously -$15 to 5 million) after an adjusted result of -$8 million was recorded for the second quarter. The company said it expects a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.

As a dry operator, Norden said it exceeded expectations, reporting an adjusted result of $8 million in the second quarter. The business unit is expected to deliver a result in the second half of 2018 in line with or higher than that of the first half. The full-year expectation is therefore raised to $20 to 30 million (previously $10 to 20 million).

In the dry owner segment, Norden narrowed its guidance to $15 to 20 million (previously $15 to 25 million) due to high coverage and market development in line with expectations.