Norden’s Vessel Write-Down Drives Its Operating Loss

first_imgzoom The Danish shipping company Norden expects an increased operating loss in 2015 after writing down the value of its dry cargo fleet and making provision with no cash flow effect of USD 340 million.The company now predicts an operating loss of USD 297 to 277 million, compared to the previously expected USD 43 to 63 million.Norden said that the write-down includes USD 180 million in the carrying amount of owned dry cargo vessels and a provision of USD 160 million on losses from long term dry cargo charters, which will be distributed over four years, leading to a positive EBIT impact of a similar amount over that period. About one-third of the provision will be reversed in 2016.“On this basis, management expects continued weak rates on a level with the current FFA rates for the coming 2 years.“After this period, the rates are expected to improve gradually,” Norden added.Neither the write-down nor the provision has any impact on cash flows or loan agreements, and Norden said that it continues to be financially strong.At the end of 2015, cash and securities amounted to USD 355 million, with undrawn loan of USD 296 million.last_img read more

Grants Support Seniors in Kings County

first_imgFunding was announced today, Sept. 8, for two organizations in Kings County that support seniors’ safety and create opportunities for seniors to be more active in their communities. MLA Keith Irving, on behalf of Leo Glavine, Minister of Seniors, announced grants for Kings Transit Authority and the Kings County Seniors’ Safety Society. “These grants enable our community-based organizations to identify and address issues of safety for our seniors,” said Mr. Irving. “I am pleased to see both Kings Transit and the Kings County Seniors’ Safety Society developing programs with this grant that strengthen and expand the services provided to seniors.” The Kings County Seniors’ Safety Society is receiving a $20,000 Senior Safety Grant for its Seniors’ Safety Program. The program works in partnership with local police services and other social service agencies to promote seniors’ safety and education, staying active, positive mental and physical health, independence and crime prevention. “With over one-fifth of the senior population in Nova Scotia living in Kings County, we fully appreciate this support from the Department of Seniors,” said Daisy Dwyer, president of Kings County Seniors’ Safety Society. “Enhancing seniors’ lives builds quality into the fabric of our society and that’s why we work so hard to keep citizens informed, independent and integrated within our communities while they age.” The Kings Transit Authority is receiving a $10,000 Age-Friendly Community Grant to help increase the use of public transit among older adults in rural areas. Funding goes towards co-ordinating activities and group outings to increase confidence and comfort with public transit. “Many seniors in our community have very active lifestyles that include community programs, shopping, social functions as well as volunteer and work commitments,” said Stephen Foster, general manager at Kings Transit. “This new initiative will provide seniors with education and training on the benefits of using public transportation.” Support from government helps these inclusive programs to improve accessibility for seniors and enables them to participate more fully in their communities.last_img read more