NORDEN upgrades 2026 profit outlook following strong tanker market performance and increased vessel sale gains

NORDEN upgrades 2026 profit outlook following strong tanker market performance and increased vessel sale gains

(IN BRIEF) NORDEN has raised its 2026 full-year net profit guidance to USD 70–140 million, supported by strong tanker market performance and increased gains from vessel sales. In Q1 2026, the company reported a net profit of USD 11 million, with tanker operations delivering strong earnings due to rising spot rates driven by disruptions to global oil flows. However, the dry cargo segment posted losses due to higher chartering, operational, and insurance costs. NORDEN also sold seven vessels, boosting expected annual sales gains to USD 64 million. While tanker performance is expected to remain strong, the company anticipates a gradual improvement in its dry cargo business over the coming quarters.

(PRESS RELEASE) COPENHAGEN, 28-Apr-2026 — /EuropaWire/ — NORDEN has upgraded its financial outlook for 2026, increasing its full-year net profit guidance to USD 70–140 million, up from the previous range of USD 30–100 million. The revision reflects stronger-than-expected performance in the tanker segment and gains from vessel sales.

In the first quarter of 2026, the company reported a group net profit of USD 11 million. Performance was largely supported by robust results in the tanker business, which delivered EBIT of USD 47.3 million before lease accounting effects. In contrast, the dry cargo division recorded a loss of USD 45.0 million, weighing on overall results.

The tanker segment benefited from rising spot rates, driven by disruptions to global oil flows linked to geopolitical tensions involving Iran. These disruptions have altered trade patterns and increased demand for tanker capacity. While market conditions remain uncertain and dependent on developments in key shipping routes such as the Strait of Hormuz, NORDEN expects tanker earnings to remain strong throughout the year.

The dry cargo business faced a challenging quarter, with losses attributed to higher chartering costs required to meet cargo commitments, as well as increased operational and insurance expenses related to regional instability. Additional costs were also incurred in repositioning parts of the fleet, though these moves are expected to support improved performance in subsequent quarters.

Alongside its operational activities, NORDEN continued to execute its asset strategy, completing the sale of seven vessels so far this year. These included two MR tankers and one Capesize vessel from its owned fleet, as well as four vessels acquired through purchase options—two Panamax and two Supramax ships. As a result, the company now anticipates total gains of USD 64 million from vessel sales in 2026, significantly higher than the earlier estimate of USD 20 million.

With stronger tanker market conditions and continued progress in asset optimisation, NORDEN expects improved financial performance for the remainder of the year, while also anticipating a gradual recovery in its dry cargo segment.

For further information:
Therese Möllevinge, Head of Investor Relations, tel.: +45 41 37 16 38, e-mail: thm@norden.com
Mille Fruergaard Bach, Senior Communications partner, tel: +45 31 66 20 14, email: mfb@norden.com

SOURCE: NORDEN