NORDEN Reports Best First Quarter Since 2015

Annual Report 2019

• Adjusted Result* for Q1 2020: USD 29 million (Q1 2019: USD 7 million)

• Asset Management: USD 7 million (USD 0 million)

• Dry Operator: USD 4 million (USD -3 million)

• Tanker Operator: USD 18 million (USD 10 million)

Loss from sale of vessels: USD 2 million

EBIT Q1 2020: USD 37 million (USD 6 million)

* ”Profit/loss for the period” adjusted for “Profit/loss from sale of vessels, etc.

Outlook 2020

• NORDEN raises its guidance for 2020 to USD 30 to 80 million which is up from the previously announced guidance of USD 30 to 70 million. This is based on expectations of strong tanker spot rates and another good result from Tanker Operator in the second quarter but a challenging market in the second half-year. Previous expectations

CEO Jan Rindbo in comment:

STRONG START TO THE YEAR

“Despite the challenging environment, NORDEN realised an Adjusted Result of USD 29 million – the best first quarter result since 2015. The Dry Operator unit showed the strength of its business model, delivering a solid performance in a weak market. The newly formed Tanker Operator unit had a very positive start to the year due to good positioning in a strong market. All in all, all three business units delivered a profit for the quarter, and NORDEN raises its guidance for 2020 to USD 30-80 million.”