The quarter's result brings the first half loss to $22.6m, a significant improvement on the $265.2m loss in the first six months of 2012 when the company suffered $290m of vessel writedowns.
Norden's fleet of 176 drybulk vessels contributed most of the loss, returning a negative profit of $21m, despite time charter earnings for the period beating the one year market by 24%.
According to the company's earnings release, the global dry cargo fleet grew 3.3% in the first half of the year, as deliveries slowed compared to 2012 and scrapping rates fell around 30% to 13m dwt.
Norden's 43 Handysize and MR tankers contributed a $128,000 loss for the quarter, a significant improvement on 2012's $4.5m loss for the same three month period. MR and Handysize time charter earnings were 12% and 9%, higher than in the same period last year, respectively, owing to increased activity in the Atlantic trades countering a drop in the Asian market.
The company continues to predict a zero dollar EBITDA for dry cargo and a positive EBITDA of $25m-$45m.
President and ceo Carsten Mortensen commented, "As expected, 2013 is a challenging year. Following a brutal first quarter, earnings have, however, slightly improved in the second quarter, and this trend has continued into the third quarter. While rates are under pressure, Norden takes advantage of the low newbuilding prices and continues investing in new eco-vessels, which will provide a significant competitive advantage when they are delivered and rates have normalised."
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