NORDEN reported a sharp increase in second-quarter earnings, supported by a strong tanker market and a turnaround in its dry cargo business.
The Danish shipping company recorded a net profit of US$100.8 million in Q2 2026. This compares with US$52 million in the same quarter last year.
Following the stronger performance, NORDEN raised the lower end of its full-year profit guidance.
Tanker market supports earnings
NORDEN’s Tanker business benefited from strong spot rates during the second quarter.
The company said the conflict in the Persian Gulf disrupted global oil flows. As a result, tanker market conditions strengthened.
Meanwhile, the closure of the Strait of Hormuz created additional costs for NORDEN during the period.
However, all NORDEN-chartered vessels had safely passed through the strait by the end of June. Therefore, the company does not expect additional costs related to the closure for the remainder of 2026.
Dry cargo business returns to stronger performance
NORDEN also reported a turnaround in its Dry cargo business.
The improvement came despite costs related to the Strait of Hormuz disruption. According to the company, resilient operational performance and successful fleet repositioning supported the recovery.
“Group net profit increased significantly to USD 101 million in Q2 2026, driven by an exceptionally strong tanker market and a turnaround in the Dry cargo business unit,” said Jan Rindbo, CEO of NORDEN.
NORDEN’s net asset value rises 23%
Higher vessel values also strengthened NORDEN’s financial position.
Net asset value increased by 23% from the beginning of 2026, reaching DKK 466 per share.
At the same time, return on invested capital reached 10.9% on a last-12-month basis.
“At the same time, strong asset values drove a 23% increase in NAV since the beginning of the year to DKK 466 per share,” added Rindbo.
Full-year guidance raised
NORDEN improved its outlook following the Q2 performance and continued positive results during the summer.
The company now expects a full-year net profit of between US$140 million and US$190 million.
Previously, NORDEN had forecast a range of US$120 million to US$190 million.
The updated outlook includes US$79 million in expected gains from vessel sales.
“Our full-year outlook is strong and NORDEN is well positioned to navigate the market environment,” said Rindbo.
US$34 million to be returned to shareholders
NORDEN also announced plans to return US$34 million to shareholders following its second-quarter results.
The distribution will include a dividend of DKK 2 per share.
In addition, the company will launch a new US$25 million share buyback programme.
