Losses from ship sales and other one-offs left its bottom
line in the red but its operating numbers made for comfortable reading.
Its core operating profit of $44m was its second best of
the year and thrashed analysts’ estimates of $25m.
The forecast-topping figure came as both its dry-cargo
and tanker divisions reported positive numbers.
Its bulkers and tankers produced core operating returns
of $35m and $13m respectively, stronger than both market bets and the figures
seen in the previous quarter.
Norden says losses on vessel sales and non-recurring
items left its bottom line red at $7.2m for the quarter.
Default position
As TradeWinds reported yesterday much of the attention
today was focused on Norden’s view for 2013.
It has tipped its core operating profit to come up short
of the $148m seen in 2012 at between $15m and $45m.
Analysts note tankers will carry the burden if the target
is to be reached, given Norden expects a break-even result for its dry-cargo
division.
“Based
on a continued weak freight market, it can be expected that a number of
shipowners or operators will get into financial difficulties,” Norden said in
its dry-cargo market rundown.
“The
dry cargo department's strong focus on solid customers among commodity and
mining companies, power plants and major industrial groups has led to a
generally high quality of the company's counterparties.
“However,
it cannot be ruled out that a few counterparties will fail to fulfil agreements.”
Norden
says the tanker market is good right now but it expected to track back a little
in the spring.
“However,
Norden still expects the product tanker market to continue the gradual
improvement from recent years in 2013 as the increased volumes in the global
refinery sector contribute to a positive development in tonnage demand,” it
said.
