NORDEN (Investment Case): Underlying earnings drive fifth upward revision

DNORDResearch04.11.2026, 15.00

Rasmus Køjborg, Jacob Frehr

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Summary

NORDEN reported a Q3 2026 net profit of USD 54 million, driven by strong performance in Dry Cargo, with EBIT rising to USD 16.5 million due to a 24.5% increase in Supramax spot rates.
The company upgraded its full-year 2026 net profit guidance for the fifth time to USD 200–250 million, with expected vessel sale gains unchanged at USD 79 million.
NORDEN continued shareholder distributions with an interim dividend of DKK 2 per share and a USD 15 million share buyback, totaling USD 24 million for Q3.
The company's Net Asset Value increased 12% quarter-on-quarter to DKK 523 per share, implying a ~0.72x P/NAV discount to the current share price.

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Automatic translation: Originally published in Danish 04/11/2026, 14:00 GMT. Give feedback here.

Automatic translation: Originally published in English on November 4, 2026 at 2:00 PM GMT. Provide feedback here.

Read the latest investment case for NORDEN following the Q3 2026 earnings report, where the dry bulk and tanker shipping company reported net income of 54 MUSD (26 MUSD in Q3 2025), bringing 9M net income to 166 MUSD.

Dry bulk was the primary driver, with total EBIT rising to 16.5 MUSD (from -1.2 MUSD in Q3 2025 and 7.5 MUSD in Q2 2026), supported by Supramax spot rates up 24.5% y/y. Both dry bulk operator segments were profitable. Total tanker EBIT was 34.5 MUSD (-12% y/y), as Tanker Operator EBIT rose to 17.8 MUSD (from 2.3 MUSD) driven by MR spot rates up 48% y/y. This was offset by lower earnings in Tanker Owner, which in Q3 2025 had included 15.9 MUSD in gains from vessel sales.

NORDEN continued its quarterly profit-sharing with shareholders through an interim dividend of DKK 2 per share and a new share buyback program of 15 MUSD, totaling 24 MUSD for Q3. Since the beginning of the year, NORDEN has bought back 1,576,430 shares at an average price of DKK 317, thereby maintaining its policy of distributing at least 50% of annual net profit. The company's intrinsic value (self-reported) rose by 12% quarter-on-quarter to DKK 523 per share (+38% ytd), driven by higher asset values, indicating a P/NAV discount of ~0.72x relative to the current share price.

In connection with the Q3 report, NORDEN upwardly revised its full-year 2026 net income guidance for the fifth time this year to 200–250 MUSD (previously 180–230 MUSD). Expected gains from vessel sales from already signed transactions remained unchanged at 79 MUSD, of which 13 MUSD remains to be booked in Q4, making the upward revision fully operational. The midpoint of the guidance indicates Q4 net income of 59 MUSD and underlying earnings of 146 MUSD, up from 45 MUSD in the original guidance from February. Based on the midpoint, NORDEN trades at 6.9x 2026e P/E compared to 6.0x for dry bulk peers and 5.6x for product tanker peers.

Learn more by watching NORDEN's Q3 2026 earnings presentation, where management discusses the quarter's performance, updated guidance, and strategic initiatives.

Link: NORDEN Q3 2026 event

Disclaimer: HC Andersen Capital receives payment from NORDEN for a subscription agreement regarding Digital IR / corporate visibility. / Rasmus Køjborg and Jacob Frehr, November 4, 2026 at 3:00 PM

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.