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

SolarPowered Salamander at Open House Weekend

first_imgNova Scotians will have a chance to see a yellow-spotted salamander that’s powered by the sun and to learn about the province’s gold mines, fossils, parks, forests, Crown land and more at the Department of Natural Resources Open House Weekend. The free, family-friendly event will be Saturday, June 1 and Sunday, June 2, from 10 a.m. to 4 p.m., at the Shubenacadie Provincial Wildlife Park in Hants County. “The DNR Open House Weekend is a great opportunity to explore fascinating facts about our natural resources,” said Natural Resources Minister Charlie Parker. “Come visit and learn about wildfire fighting, ancient fossils, forestry, wildlife, biodiversity, hunting and fishing regulations and many other topics.” Visitors will enjoy more than 50 indoor displays and hands-on activities, including the unique salamander that thrives using photosynthesis as if it were a green plant. People can talk with helicopter pilots, biologists, foresters, geologists, natural resource technicians, fossil experts, land surveyors, conservation officers and other professionals with the department. It will also be an opportunity to learn about careers in these fields. “The open house will be a fun family event with lots of interesting displays and things to learn,” said Don Cameron, member of the department’s open house planning group. People will also get to experience animals at the wildlife park, walk the park’s nature trail, take a photo next to a helicopter, and enjoy food and drink that will be for sale. The Department of Natural Resources helps manage the province’s natural resources for all Nova Scotians through research, education, regulation, enforcement and outreach. The Open House Weekend is a time for people to learn more about the province’s natural resources and how the department’s programs help. The first open house, held on one day in 2009, drew more than 2,000 people. More information and directions to the open house are at www.novascotia.ca/natr/openhouse .last_img read more