DS Norden Raises FY Adj. Net Outlook to $140-200 Million from $110-160 Million

• (PLX AI) - Norden raises Outlook FY adjusted net income to USD 140-200 million from USD 110-160 million after increases in dry cargo market rates and strong performance in the Dry Operator business unit.
• • The new guidance is based on continued increases in forward freight rates for Q3 and Q4 in the dry cargo market, which for Supramax and Panamax vessels have increased by about USD 10,000 per day since end of May, and by about USD 2,750 per day in just the last week
• • The broader guidance range reflects the fact that earnings expectations are based on a currently large position held in a dry cargo market with unusually high volatility, and which is mainly based on unrealized future earnings