Q2 2019 Dampskibsselskabet Norden A/S Pre-Recorded Earnings Presentation Transcript

Aug 14, 2019 / 07:00AM GMT

Release Date Price: kr83.53 (-10.55%)

Transcript

Jan Rindbo;S;CEO

Dampskibsselskabet Norden A

/-

Trade tensions between the U.S. and China, a weak macroeconomic outlook, retaining Brazilian and Australian iron ore exports and a swine flu epidemic sweeping through the Chinese livestock. The second quarter had it all. And yet, the Dry Cargo market turned out to be more resilient than expected. That impacted the result, not least in Dry Operator. In all, NORDEN realized an adjusted result for the second quarter of 2019 of minus $12 million. This corresponds to an EBIT of $1 million. The result is impacted by one-off financial expenses of $1 million in connection with obtaining a new and improved loan facility. Furthermore, we have agreed prepayment of higher on some TC contracts and while both initiatives are impacting the results negatively in the second quarter, they will generate a positive

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