Norden on track for best results in 11 years
(Posted on 20/08/21)
For the second quarter 2021, NORDEN reports an adjusted result of USD 32 million - the best quarterly result in six years, and is on track to deliver its best annual result in 11 years.
NORDEN was founded in 1871, making it one of the oldest internationally operating shipping companies.
NORDEN has capitalised on the incredibly strong dry cargo market during Q2, thanks to record-high exposure, ongoing positioning and the ability to generate margins through strong operator activity. In addition, NORDEN has benefitted from significant increases in the market value of owned and leased vessels in the Asset Management unit, rising by USD 258 million during Q2, and has actively converted sales gains.
NORDEN has positioned itself strongly to further capitalise on the exceptional dry cargo market. CEO, Jan Rindbo, comments: “We have built a very strong dry cargo position during the first half year, which we will benefit from during the rest of the year, where we expect significantly stronger results. With recent increases in forward freight rates, this further adds to our strong outlook for dry cargo, and we therefore increase our guidance for the full-year Adjusted Result to between USD 140 – 220 million.”
Asset Management: Dry cargo portfolio value continues to increase - converting to sales gains NORDEN’s Asset Management division - which handles buying, selling and leasing of vessels – reported an adjusted result for Q2 of USD 2 million. Asset Management is benefiting from increased exposure towards dry cargo. The value of the portfolio (owned and leased vessels) increased by USD 258 million in the second quarter alone. Asset Management is now actively converting this market value to profit through vessel sales and by entering into attractive time charter covers. Four dry cargo vessels have already been sold with approximately USD 29 million in profits to be realised in the second half of the year.
Dry Operator generated a result of USD 34 million dollars in Q2. As the dry cargo market took off earlier this year, the business unit quickly adjusted its exposure from a short position (meaning more cargoes than ships), to an extremely long one. Dry Operator is today operating a record high average of 343 vessels, servicing growing customer demand, and is very well positioned to further capitalise on the strong dry cargo market in H2.
Latest News
Posidonia 2026 takes centre stage amid global freedom of navigation challenges
(Posted on 29/05/26)From insurance and risk management to energy transition, digitalisation and maritime security, the Posidonia... Read more
First maritime compliance & prevention-focused organisation, PaS, joins DBCE
(Posted on 29/05/26)Prevention at Sea (PaS), a leading maritime compliance, auditing, and digital solutions provider, has... Read more
NorthStandard reports strong results and strategic momentum
(Posted on 29/05/26)NorthStandard has reported strong financial results, continued strategic progress and enhanced support... Read more
Latest guidance for vessel transit through Strait of Hormuz
(Posted on 25/05/26)Hundreds of vessels remain unable to transit the Strait of Hormuz and, in the event of a return to more... Read more
The Bahamas regains QUALSHIP 21 eligibility
(Posted on 25/05/26)The Bahamas has regained eligibility for the United States Coast Guard’s QUALSHIP 21 programme... Read more
First dedicated STS standard for dry bulk released by INTERCARGO
(Posted on 22/05/26)Ship to ship (STS) transfers are an established part of dry bulk operations, and they are growing. As... Read more
Columbia reinforces commitment to maritime talent
(Posted on 22/05/26)Columbia Group has strengthened its commitment to developing the next generation of maritime professionals... Read more
Jamaica marks 50 years at IMO with call for island states to shape future
(Posted on 22/05/26)The Maritime Authority of Jamaica has marked Jamaica’s 50th anniversary as a member of the International... Read more
Costamare Bulkers logs first profit after Cargill deal removes most legacy trading
(Posted on 14/05/26)Costamare Bulkers Holdings Limited has reported unaudited financial results for the first quarter ended... Read more
NORDEN strengthens fleet with the addition of four Handysize vessels
(Posted on 13/05/26)NORDEN have announced that they have expanded their fleet with the purchase of four dry cargo Handysize... Read more
