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Annual Report 2019 and Outlook 2020

Written by Customer Service on . Posted in Public Companies.

ANNOUNCEMENT NO. 8 – 4 MARCH 2020Attached please find the full report as PDF fileAnnual Report 2019 and Outlook 2020Today, the Board of Directors approved the annual report for 2019. The full report in English is attached as PDF file and contains the following highlights:Results
Adjusted result (“profit/loss for the period” adjusted for “profit from sale of vessels etc.”) for the year 2019: USD 23 million (2018: USD 20 million).Dry Operator: USD 8 million (USD 30 million)
Dry Owner: USD 2 million (USD 18 million)
Tankers: USD 13 million (USD -28 million)EBIT 2019: USD 57 million (USD 39 million)Dry Operator: After a challenging period in the middle of 2019, Dry Operator successfully navigated a market in strong decline in the fourth quarter.Dry Owner: Focus on reducing forward exposure of the business unit through vessel sales and securing attractive coverage agreements.Tankers: With a strong finish to the year, NORDEN generated average daily Handysize and MR earnings of USD 14,806 and USD 14,413, respectively.GuidanceDespite challenging markets and an uncertain outlook due to the outbreak of the COVID-19 virus, NORDEN expects to deliver improved earnings with an expected Adjusted Result for 2020 in the range of USD 30 to 70 million.As a new dividend policy for 2020 onwards, NORDEN targets annual dividends based on a pay-out ratio of minimum 50% of the annual Adjusted Result.CEO Jan Rindbo in comment:

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