Announcement No. 4, 2016

Aug 19 2016

Interim financial report – first half year 2016

Continued depressed dry cargo markets

“Despite some improvements in Q2, dry cargo markets remained at historically depressed levels due to sustained weak trade growth and tonnage oversupply, which significantly impacted our EBITDA. Continuing cash building initiatives, including trimming of our owned dry cargo fleet caused additional write-downs negatively impacting the bottom-line” says Jan Kastrup-Nielsen, President & CEO adding that “our gas carriers performed largely as expected”.

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