CimbriaGeneva DryViganTMS Awards 2023Sailors SocietyPort of Stockton
  • TMS Awards 2023
  • Port of South Louisiana
  • Van Aalst
  • Telestack
  • Sailors Society
  • Port of Stockton

Strong bulk market leads Norden to raises expectations again

Strong bulk market leads Norden to raises expectations again

(Posted on 01/07/21)

Following increases in dry cargo market rates and strong performance in the Dry Operator business unit, NORDEN has raised its expectations for the full-year 2021, Adjusted Result to USD 140-200 million (approximately DKK 870-1,250 million), up from USD 110-160 million.

The new guidance is based on continued increases in forward freight rates for Q3 and Q4 in the dry cargo market, which for Supramax and Panamax vessels have increased by about USD 10,000 per day since end of May, and by about USD 2,750 per day in just the last week.

The broader guidance range reflects the fact that earnings expectations are based on a currently large position held in a dry cargo market with unusually high volatility, and which is mainly based on unrealised future earnings.

CEO, Jan Rindbo said, “With significant rate increases in recent weeks and especially in the last few days, expected future earnings continue to increase based on Dry Operator’s long position (more tonnage than cargoes). The operational performance in our Dry Operator business unit enables us to continuously leverage the market volatility as well as the daily utilisation of vessels”, says Jan Rindbo, CEO of NORDEN.

From an earnings perspective, NORDEN’s two other business units, Asset Management and Tanker Operator, are developing in line with previously announced expectations. However, the portfolio values of Asset Management are increasing in line with higher dry cargo asset values and higher dry cargo forward rates.”

NORDEN was founded in 1871, making it one of the oldest internationally operating shipping companies.

Latest News

Former INTERCARGO Chairman, Dr Spyros M Polemis, passes away

(Posted on 24/07/24)

INTERCARGO, the association of dry bulk shipping companies, has released the following statement:&ldquo... Read more


Joint study of ammonia fuelled bulk carriers

(Posted on 22/07/24)

ITOCHU Corporation, ClassNK, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (... Read more


WISTA UK celebrates 50 years of championing diversity and inclusion

(Posted on 22/07/24)

The Women's International Shipping & Trading Association UK (WISTA UK) marked its 50th anniversary... Read more


Accidents on ships under scrutiny as InterManager submits statistics to IMO

(Posted on 16/07/24)

Accidents onboard ships are not decreasing, according to latest accident statistics submitted to the... Read more


Solutions required for FuelEU Maritime rules compliance, says Columbia

(Posted on 16/07/24)

Solutions must be in place to help ship owners with navigating the complex challenges of complying with... Read more


Boers committed to diversity with relocation of Filipino employees to Germany

(Posted on 16/07/24)

Diversity and nurturing talent is high on the agenda for BCS Group – Boers Crew Services as it... Read more


INTERCARGO joins industry calls for IMO to amend flaws in CII

(Posted on 12/07/24)

With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator... Read more


ICS Türkiye branch celebrates its inauguration in Istanbul

(Posted on 12/07/24)

The Institute of Chartered Shipbrokers (ICS), the professional body for the commercial shipping industry... Read more


Columbia Group and Crowley forge strategic US alliance

(Posted on 12/07/24)

Columbia Group and Crowley have signed a strategic cooperation agreement that broadens both companies... Read more


Inmarsat report advocates data sharing to address preventable incidents

(Posted on 04/07/24)

The 2024 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat company, reveals... Read more


TelestackTBA GroupVan AalstBühler GmbHPort of South Louisiana
  • Geneva Dry
  • Cimbria
  • TBA Group

Subscribe to our newsletter

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