Norden Doubles Net Profit in Third Quarter, Raises Full-Year Guidance

Danish shipping company Norden reported a net profit of $54 million in the third quarter of 2026, up from $26 million in the same period of 2025, an increase the company attributed to the strong combined performance of its dry bulk and tanker businesses. Another outlet put the figure at $53.9 million, representing a year-on-year rise of 107.3%. The result was especially boosted by the product tanker freight markets, which performed outstandingly during the quarter.

Based on these results, Norden raised its full-year 2026 net profit guidance to a range of between $200 million and $250 million, up from the previous forecast of $180 million to $230 million. CEO Jan Rindbo said the company had a solid quarter, with good performance in dry bulk and tankers, and that given strong performance so far this year and greater visibility for the remainder of the fiscal year, they decided to raise the annual guidance. The update includes gains on vessel sales of $79 million, unchanged from the previous quarter.

In the first nine months of the year, Norden generated revenue of approximately $2.98 billion, up 28.5% from the same period in 2025, while accumulated net profit grew 50.1% to $165.9 million, already surpassing the full-year 2025 result of $120.3 million. EBIT for the tanker operator segment rose from $2.3 million to $17.8 million year-on-year, driven by short-term third-party tonnage, pool operations and chartering opportunities.

The company also strengthened its cash flow and shareholder returns: operating cash flow for the quarter reached $150 million, up from $96 million a year earlier, supporting a quarterly distribution of $24 million through an interim dividend of DKK 2 per share and a new $15 million share buyback program. Return on invested capital reached 11.8%, and net asset value per share stood at DKK 523, up 38% since the start of the year.

During the year, Norden also expanded its contracted revenue coverage by closing 16 charter fixings for MR tankers and Capesize bulkers, underpinning about $1.5 billion in time charter equivalent (TCE) earnings with coverage through 2029, while also adding units to its Handysize and multipurpose vessel fleets as part of its 2030 strategy.