Read the latest NORDEN One-pager following the Q1 2026 results, where the dry cargo and tanker shipping company reported a net profit of USD 11 million. The result was driven by strong performance in the Tanker segment, where combined EBIT reached USD 47 million (+139% Y/Y), supported by surging MR spot rates following the Persian Gulf conflict, while the Dry Cargo segment remained challenged with combined EBIT of USD -45 million, reflecting weak dry cargo markets and costs related to vessels trapped in the Persian Gulf.
NORDEN continued its quarterly shareholder distributions with an interim dividend of DKK 2 per share and announced a new USD 25 million share buyback programme for Q2 2026, maintaining its policy to distribute at least 50% of annual profit. The company's Net Asset Value (self-reported) increased 11% quarter-on-quarter to DKK 422 per share, implying a ~0.7x P/NAV discount to the current share price.
Following the Q1 results, NORDEN upgraded its full-year 2026 net profit guidance to USD 70–140 million (previously USD 30–100 million), driven by already-signed vessel sale gains of USD 64 million, with earnings expected to be frontloaded in Q2.
Learn more by watching NORDEN's Q1 2026 results presentation, where management discusses the quarter's performance, updated guidance, and strategic developments.
Link: NORDEN Q1 2026 event
Disclaimer: HC Andersen Capital receives payment from NORDEN for a Digital IR / corporate visibility subscription agreement. /Jacob Frehr, 12.05.2026, 16:30