Q3 2020 Dampskibsselskabet Norden A/S Pre-Recorded Earnings Presentation Transcript

Nov 04, 2020 / NTS GMT

Release Date Price: kr97.3 (+4.29%)

Transcript

Jan Rindbo;S;CEO

Dampskibsselskabet Norden A

/-

During a period that is still marked by the ongoing COVID-19 pandemic, NORDEN continues to deliver strong results with an adjusted result of $27 million for the third quarter of 2020. This is based on an outstanding performance from Dry Operator, which is well on its way to deliver a record result. For the first 9 months of 2020, NORDEN has realized an adjusted result of $85 million, and we, once again, raised our guidance for the full year.

Looking closer at our business units. Asset Management delivered an adjusted result of $6 million for the quarter. During the period, Asset Management shifted exposure from Tankers to Dry Cargo as part of reducing NORDEN's cyclical market exposure towards the challenged tanker market.

The Dry Cargo acid market continued to be weak, and NORDEN utilized

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