NORDEN reports net profit of USD 101 million (DKK 648 million) in Q2 2026

In the second quarter of 2026, maritime company NORDEN reported a net profit of USD 101 million (DKK 648 million), a significant increase from USD 52 million in the same period last year. The company's performance was bolstered by the closure of the Strait of Hormuz and a successful turnaround in its dry cargo business unit, supported by resilient operational performance.

Despite the challenges posed by the Persian Gulf conflict and disruptions to global oil flows, NORDEN's Tanker unit continued to thrive, benefiting from strong spot rates.

By the end of June, all NORDEN chartered vessels had safely navigated through the strait, eliminating any additional costs related to the strait closure for the remainder of the year. The company's net asset value (NAV) rose by 23% since the beginning of the year, reaching DKK 466 per share. This increase was driven by a significant appreciation in asset values. Furthermore, the return on invested capital (ROIC) improved to 10.9% on a trailing twelve-month (LTM) basis.

In response to the company's continued strong performance, NORDEN has raised its lower-end net profit guidance for the full year to USD 140–190 million, down from the previously projected range of USD 120–190 million. This projection now incorporates gains from vessel sales amounting to USD 79 million. NORDEN's Chief Executive Officer, Jan Rindbo, expressed optimism about the company's prospects, attributing the surge in net profit to a robust tanker market and a turnaround in the dry cargo business.

Rindbo also highlighted the positive impact of strong asset values on NAV, which increased by 23% since the start of the year to DKK 466 per share. In light of the improved outlook, NORDEN has raised its lower-end net profit guidance for the full year and outlined plans to distribute USD 34 million to shareholders in the second quarter of 2026 through a dividend of DKK 2 per share and a USD 25 million share buy-back programme.