NORDEN achieved a net profit of $54 million (approximately 350 million Danish kroner) in the third quarter of 2026. This result was influenced by strong markets and solid operational performance in the dry cargo and tanker segments.
Strong Performance in Dry Cargo and Tankers
NORDEN's CEO, Jan Rindbo, stated that the company performed well in the third quarter and leveraged the flexibility of its business model to adapt its fleet and respond to changing customer needs and attractive opportunities in the markets. Given the strong performance this year and increased visibility for the remainder of the year, the annual net profit forecast has been raised to $200-250 million.
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Active Fleet Management and Long-Term Contracts
NORDEN has continued to actively manage its fleet this year in accordance with market opportunities and its 2030 strategy. The company has added more vessels to its core fleet in the Handysize and MPP segments while simultaneously securing long-term charter contracts for MR tankers and Capesize vessels. These actions have helped lock in future revenues and reduce the risk of fluctuations in the shipping market.
At the group level, net profit reached $54 million, up from $26 million in the third quarter of 2025. Operating cash flow rose to $150 million (compared to $96 million), contributing to valuable share buybacks and ongoing investments. The return on investment also reached 11.8%.
In the third quarter, a $24 million distribution was made through a temporary dividend of 2 Danish kroner per share and a new share buyback program of $15 million. The net asset value (NAV) reached 523 Danish kroner per share, reflecting a 38% increase since the beginning of the year.
NORDEN also raised its annual net profit forecast to $200-250 million, which includes a profit from the sale of vessels amounting to $79 million, unchanged from the previous quarter. The increase in profit forecast is due to strong performance in the third quarter and positive expectations for the fourth quarter, although geopolitical uncertainties have increased and travel timing may shift some revenues to 2027.
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