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Announcement No. 4, 2015

Aug 13 2015

Interim financial report for the first half of 2015

Weak dry cargo markets prevail
“The dry cargo markets encountered during the first half of 2015 turned out to be weakest for the last 30 years severely impacting our EBITDA. Changing Chinese import patterns of permanent nature combined with the large number of newbuildings scheduled for delivery until the end of 2017 have in our opinion put dry cargo vessel values under pressure resulting in impairments influencing our bottom-line result. Our gas carriers continued to perform as expected”, says Jan Kastrup-Nielsen, President and CEO.

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