Denmark: Norden has reported its best profit to date for 2008 despite the figure falling short of expectations.
Net profit for the year was up by about one percent to US$708 million while the return on average equity was 47 percent.
According to Norden, the tanker department achieved its highest operating profit to date, though the dry cargo fourth quarter earnings were affected by the global financial crisis.
For 2009, Norden reports that although the known capacity in dry cargo has been covered, it is uncertain to what extent its cargo program would be affected due to global uncertainty. Expected EBITDA for 2009 is US$100 to US$340 million.
