D/S Norden (DNORD DC, Neutral, DKK 130)–1Q17 Results-Improvement in Dry Bulk Market Not Capitalised

DMFR – D/S NORDEN (DNORD) – Company Update – Product Tankers to Join the Dry Bulk Bandwagon?

Can Dry-Bulk Earnings Offset the Losses from the Tanker Segment?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

D/S NORDEN - 2Q16 results - Improvement in dry bulk business; headwinds in tankers pose a new challenge <ul><li>
Product tankers show weakness; fair value lowered to DKK 115 per share: D/S NORDEN (DNORD) reported TCE earnings of USD 169m in 2Q16, lower by 30% y/y as strength in the product tankers market has started waning, while the dry bulk market is still weaker than in the same period last year. That said, dry bulk earnings improved in 2Q16 on a sequential basis led by an increase in Chinese imports,…</li></ul>

D/S NORDEN - 2Q16 results - Improvement in dry bulk business; headwinds in tankers pose a new challenge 
Product tankers show weakness; fair value lowered to DKK 115 per share: D/S NORDEN (DNORD) reported TCE earnings of USD 169m in 2Q16, lower by 30% y/y as strength in the product tankers market has started waning, while the dry bulk market is still weaker than in the same period last year. That said, dry bulk earnings improved in 2Q16 on a sequential basis led by an increase in Chinese imports,…

D/S NORDEN ( DNORD DC) - Improvement in Dry Bulk Business; Headwinds in Tankers Pose a Newchallenge