# NORDEN doubles quarterly profit and raises annual outlook

- **Source:** https://pelavox.com/norden-doubles-quarterly-profit-and-raises-annual-outlook/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Helena Pierce
- **Published:** 2026-10-30T08:00:00+00:00
- **Updated:** 2026-10-29T10:29:16+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Capesize, Dry Bulk, Fleet Management, Handysize, MR Tankers, NORDEN, Q3 2026, Shipping Earnings, Shipping Markets, Tankers

Danish shipping company NORDEN reported a substantial increase in third-quarter earnings and raised its full-year profit guidance for 2026, supported by favourable market conditions and operating performance across its Dry Cargo and Tankers businesses.

The company recorded a net profit of USD 54 million in the third quarter, compared with USD 26 million in the corresponding period of 2025. Operating cash flow increased to USD 150 million from USD 96 million a year earlier, while return on invested capital reached 11.8%.

Following the quarterly performance and improved visibility for the remainder of the year, NORDEN raised its full-year net profit guidance to USD 200–250 million, up from its previous forecast of USD 180–230 million. The revised outlook includes USD 79 million in gains from vessel sales, unchanged from the previous quarter.

Jan Rindbo, CEO of NORDEN, said the company continued to benefit from the flexibility of its business model and its ability to adjust fleet capacity and market exposure.

“We delivered a strong third quarter, with good performance across Dry cargo and Tankers,” said Rindbo.

## Fleet management and chartering activity

During 2026, NORDEN continued to develop its core fleet in line with its long-term strategy, adding vessels in the Handysize and multipurpose (MPP) segments. These additions form part of the company’s approach to managing its fleet portfolio and responding to opportunities across different shipping markets.

The company also secured long-term charter contracts involving MR tankers and Capesize vessels. According to NORDEN, these arrangements provide greater visibility over future revenue while reducing exposure to fluctuations in freight markets.

Alongside its fleet activities, NORDEN continued returning capital to shareholders. The company announced a third-quarter distribution of USD 24 million through an interim dividend of DKK 2 per share and a new USD 15 million share buyback programme.

Higher portfolio valuations also contributed to an estimated net asset value of DKK 523 per share, representing an increase of 38% since the beginning of 2026.

Looking ahead, NORDEN expects its performance during the final quarter to support the upgraded annual guidance. However, the company noted that geopolitical uncertainty remains elevated and that the timing of individual voyages could shift some earnings into 2027.

The latest results reflect NORDEN’s continued activity across both dry bulk and tanker markets, with fleet management, long-term chartering arrangements and vessel transactions forming part of its operating strategy.

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Cite as: "NORDEN doubles quarterly profit and raises annual outlook", pelavox., 30 October 2026, https://pelavox.com/norden-doubles-quarterly-profit-and-raises-annual-outlook/