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Nordic Shipholding gains from 23% higher time charter rates during Q1 2019

Logistic News - Published on Fri, 24 May 2019

Image Source: Maritime Denmark
The comparison figures for period ended 31 March 2018 are stated in parenthesis. The Group started 2019 on a positive note as the average daily Time Charter Equivalent rate in Q1 2019 for the 6 vessels was approximately 23% higher than the average TCE rate in Q4 2018. For the 3 months ended 31 March 2019, the Group generated a profit after tax of USD 0.4 million (loss of USD 0.9 million) primarily due to improved TCE revenue generated in Q1 2019.

TCE earnings rose 20.4% to USD 7.1 million (USD 5.9 million) in Q1 2019 as TCE earnings for the vessels in the three pools were higher compared to the same period last year.

Expenses relating to the operation of vessels in Q1 2019 decreased marginally to USD 3.6 million (USD 3.7 million).

EBITDA increased significantly to USD 3.1 million (USD 1.7 million) as a result of improved TCE earnings in Q1 2019. Other external costs reduced by USD 0.2 million to USD 0.2 million (USD 0.4 million) due mainly to the reduction in management fees charged by the corporate manager of the Group.

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Posted By : Sanju Moirangthem on Fri, 24 May 2019
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