Multimodal 2022The Wolfson Centre for Bulk Solids Handling Technology CimbriaBühler GmbHVan AalstVigan
  • Bühler GmbH
  • Van Aalst
  • Sailors Society
  • Telestack
  • TBA Group
  • The Wolfson Centre for Bulk Solids Handling Technology

Norden on track for best results in 11 years

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

DNV report: Hydrogen at risk of being the great missed opportunity

(Posted on 20/06/22)

Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too... Read more


Aurus and Columbia join forces as ‘Columbia Aurus Ship Management’ India

(Posted on 20/06/22)

Columbia Aurus Ship Management will tap into the Indian crewing market to further consolidate Columbia... Read more


Governments must share emissions target load, warns INTERCARGO

(Posted on 12/06/22)

It would be a mistake to place responsibility for meeting IMO’s zero emission shipping targets... Read more


New BV partnership to advance augmented ship services

(Posted on 12/06/22)

Bureau Veritas (BV), one of the world’s leading ship classification societies, Laskaridis Shipping... Read more


Plakiotakis: financing decarbonisation needs creative solutions

(Posted on 08/06/22)

Shipping is required to face the complex challenges placed by the progressively stricter IMO and EU... Read more


AXSMarine selected for provision of training software

(Posted on 08/06/22)

 AXSMarine, a leading provider of SaaS shipping software and data for Dry Bulk, Tanker, and Container... Read more


CSM takes vessel twinning to new level

(Posted on 08/06/22)

Columbia Shipmanagement (CSM) has once again pushed industry boundaries by creating a totally SMART... Read more


StormGeo announces CII Simulator to advance shipping decarbonization

(Posted on 03/06/22)

StormGeo, a leading provider of weather intelligence and decision-support solutions for the shipping... Read more


Survitec’s Head Start to mitigate safety risks for shipowners

(Posted on 31/05/22)

Survival Technology specialist Survitec has introduced a unique approach to ensure shipowners are fully... Read more


Damen to supply second Combi Freighter to Elbe-Ems

(Posted on 31/05/22)

Shipping company Elbe-Ems has ordered a second Combi Freighter 3850 (CF 3850) from Damen Shipyards,... Read more


Cleveland Cascades LtdPort of South LouisianaTOC EventsPort of StocktonSailors SocietyTBA Group
  • Port of South Louisiana
  • Cimbria
  • TOC Events

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping