NORDEN: Dry cargo turnaround beginning in Q2 2026 - raises lower end of full-year guidance

DNORDAnalyst Comment13.08.2026, 08.22

Rasmus KøjborgHead of Research, Stables

Summary

NORDEN's Q2 2026 financial report shows a significant profit increase to MUSD 100.8, driven by a strong product tanker market and a turnaround in dry cargo.
EBITDA for Q2 2026 reached MUSD 179.3, with vessel sales contributing MUSD 41.9, and dry cargo EBIT improved to MUSD 7.5 from a Q1 loss.
The company's NAV increased by 23% since the beginning of the year, and it has raised the lower end of its 2026 net income guidance to MUSD 140-190.
NORDEN declared a dividend of DKK 2 per share and is repurchasing shares for MUSD 25, totaling a profit-sharing of MUSD 34.

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Automatic translation: Originally published in undefined 13/08/2026, 06:22 GMT. Give feedback here.

This morning, NORDEN published its Q2 2026 financial report, which shows significant progress driven by an exceptionally strong product tanker market and a turnaround in dry cargo, which was otherwise loss-making in Q1. At the same time, the shipping company is raising the lower end of its 2026 guidance.

NORDEN reported a Q2 profit of MUSD 100.8, compared to MUSD 52.0 in the previous year.

EBITDA for Q2 2026 reached MUSD 179.3, vs. MUSD 130.9 in Q2 2025. Gains from vessel sales contributed MUSD 41.9, vs. MUSD 37.8 last year.

Dry cargo delivered a nascent turnaround with an EBIT of MUSD 7.5, compared to a loss of MUSD 45.0 in Q1 2026, supported by a successful repositioning of the fleet towards the Atlantic. This occurred despite one-off costs of approximately MUSD 30 in the first half of the year related to vessels that were stuck in the Persian Gulf. All NORDEN-chartered vessels were out of the strait by the end of June, and no further costs are expected from this in the rest of the year. In the product tanker segment, EBIT increased by 151% to MUSD 81.1 due to strong spot rates.

The company's intrinsic value (NAV) has increased by 23% since the beginning of the year to DKK 466 per share, driven by significantly higher vessel values—including a 27% y/y increase for 5-year-old Capesize vessels.

NORDEN is narrowing and raising the lower end of its full-year guidance for 2026 net income to MUSD 140-190, vs. the previous MUSD 120-190. The guidance includes vessel sales gains of MUSD 79.

NORDEN is again paying a dividend for the quarter of DKK 2 per share, and the company is repurchasing shares for MUSD 25 – a total profit-sharing of MUSD 34.

You can read the full report from NORDEN here: https://norden.com/investor/reports-presentations

NORDEN is holding a webcast today at 10:30 AM with CEO Jan Rindbo and CFO Martin Badsted. Register here: https://www.inderes.dk/videos/norden-presentation-of-the-quarterly-report-for-q2-2026

Disclaimer: HC Andersen Capital receives payment from NORDEN for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 08:20 on 08/13-2026.

NORDEN is an internationally operating shipping company with 12 global offices, headquartered in Copenhagen, Denmark, and listed on Nasdaq OMX Copenhagen. The company is present in the dry cargo and product tanker markets with a combination of operator and asset trading activities. NORDEN’s trading-oriented business model is based on the two business units ‘Assets & Logistics’ and ‘Freight Services & Trading’ – dividing the business into asset trading and operator activities. The company’s business activities are based on an asset-light trading strategy, only owning a small percentage (~5%) of its total operated vessel fleet consisting of close to 500 vessels. The agility of the business model enables NORDEN to continuously adjust short-term market exposure towards dry cargo and product tanker market developments while capitalizing on asset trading opportunities. In-house data and advanced analytics, risk management, and market research provide a data-driven approach to shipping, making proactive use of volatile markets.