Q2 2022 Dampskibsselskabet Norden A/S Investor Film by CEO Transcript
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Welcome to the presentation of NORDEN's second quarter results. NORDEN achieved a fantastic result of $179 million for the quarter. And for the first half of the year, a result of $296 million, equivalent to return on equity of 47%. We are thereby well on our way to deliver one of the best results in NORDEN's 151-year history, with a full year guidance of $560 million to $640 million.
Assets & Logistics generated a profit of $26 million. The business unit continues to realize excellent dry cargo gains based on cover contracts secured at strong rates and profitable vessel sales. The dry cargo portfolio is now fully covered for both 2022 and 2023 at profitable rates. This ensures downside protection and solid earnings going forward in a weakening dry cargo market.
On the asset trading side, the business unit sold 3 dry cargo vessels at 10-year high price levels and thereby realize significant sales gains, which will benefit results in the second half of the year. This surge in the product tanker market has
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