ANNOUNCEMENT NO. 234 – 31 October 2024  
INTERIM REPORT  
THIRD QUARTER  
2024  
DAMPSKIBSSELSKABET NORDEN A/S
52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK  
CVR NUMBER 67758919  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
2
HIGHLIGHTS – THIRD QUARTER 2024  
Results  
Business highlights  
Guidance  
•
NORDEN generated a net profit of USD 25 million in the third  
quarter of 2024 (USD 99 million), impacted by weaker than  
expected markets in both dry cargo and tankers.  
•
Following a strong development in asset values, NORDEN  
optimised the vessel portfolio by entering into agreements to sell  
five vessels at expected future gains of USD 25 million, whereof  
USD 21 million is expected to be realised in 2024. Two of the five  
vessels were from declared purchase options in line with the NAV  
value.  
•
NORDEN narrows its expected full-year net profit guidance for  
2024 to USD 160-210 million (previously USD 160-240 million),  
due to weaker tanker spot rates. The guidance for 2024 includes  
gains from sale of vessels from already signed and agreed  
transactions of USD 83 million (previously USD 61 million).  
EBITDA of USD 115 million (USD 177 million)  
Earnings per share of DKK 6 (DKK 19)  
·
·
•
For the remainder of 2024, Assets & Logistics are expected to  
continue to generate stable earnings from high coverage. In  
Freight Services & Trading, the margins in the dry cargo activities  
are expected to continue to improve, whereas margins in the  
tanker activities are likely to decline as a result of weaker tanker  
rates.  
•
Margins in Freight Services & Trading continued to be negative,  
driven by weaker tanker rates, whilst earnings from the dry cargo  
activities are improving. As expected, Assets & Logistics enjoyed  
stable contribution from high coverage.  
•
•
•
NORDEN’s estimated Net Asset Value (NAV) of Assets & Logistics  
was DKK 433 per share by end of Q3 2024. The Assets & Logistics  
unit holds NORDEN’s owned fleet, its leased fleet and purchase  
options.  
Freight Services & Trading: USD -18 million (USD 30 million)  
Assets & Logistics: USD 43 million (USD 69 million)  
·
Long-term market fundamentals remain positive due to an ageing  
global fleet and limited available shipyard capacity, which are  
expected to continue to support asset values in both dry cargo  
and tankers.  
·
•
•
By end of October 2024, NORDEN had a total of 1,800 open  
tanker vessel days and 240 open vessel days in dry cargo, across  
both business units for the remainder of 2024.  
•
•
NORDEN’s net profit for the first nine months of 2024 was USD  
133 million (USD 357 million).  
NORDEN’s aqcusition of Norlat Shipping was approved by the  
authorities during the quarter. The business activities are being  
integrated into the Freight Services & Trading unit.  
In line with NORDEN’s pay-out policy, the Board has decided to  
return USD 21 million through an interim dividend of DKK 2 per  
share and a new share buy-back programme of USD 12 million,  
which will run until the end of January 2025.  
Return on invested capital (ROIC) in the last twelve months (LTM)  
was 15% (43%).  
“NORDEN generated a net profit of USD 25 million in the third quarter. The reported Net Asset Value of NORDEN’s  
Assets & Logistics unit at the end of the quarter was DKK 433 per share. To capitalise on strong asset values, we have  
committed to selling five vessels with sales profits expected in the coming quarters. Due to a weaker tanker market,  
we narrow the full-year guidance to the range of USD 160-210 million.”  
CEO Jan Rindbo  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
3
KEY FIGURES AND RATIOS FOR NORDEN  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Amounts in USD million  
Income statement  
Environmental and social figures  
EEOI (gCO2/tonnes-mile) 1)  
LTIR (days per million working hours) 2)  
Average number of employees (FTEs)  
Share of lowest represented gender  
Revenue  
1,064.2  
130.9  
115.2  
-0.1  
899.3  
201.8  
176.8  
7.3  
2,851.2  
648.9  
559.5  
76.0  
8.7  
1.1  
9.0  
3.6  
9.1  
1.5  
3,011.7  
384.2  
328.5  
62.0  
3,691.9  
795.4  
678.6  
79.0  
8.5  
1.0  
9.0  
1.0  
Contribution margin  
EBITDA  
483  
39%  
458  
40%  
441  
40%  
479  
39%  
466  
41%  
Profit/loss from sale of vessels etc.  
Depreciation, amortisation and impairment losses, net  
EBIT  
-82.7  
32.3  
-77.6  
106.2  
-5.4  
-258.6  
376.2  
-12.6  
-231.5  
158.9  
-17.3  
-335.2  
421.6  
-11.4  
Share-related key figures and financial ratios  
Number of shares of DKK 1 each (incl. treasury shares) 32,000,000 34,000,000  
Number of shares of DKK 1 each (excl. treasury shares) 30,362,712 32,225,328  
34,000,000  
32,225,328  
1,774,672  
70.8  
32,000,000  
30,362,712  
1,637,288  
29.8  
34,000,000  
31,567,588  
2,432,412  
85.4  
Financial items, net  
-4.6  
Profit for the period  
25.1  
98.6  
357.0  
133.1  
400.1  
Number of treasury shares  
Earnings per share (EPS), DKK 3)  
Diluted earnings per share (diluted EPS), DKK 3)  
Book value per share (excluding treasury shares), DKK 3)  
Share price at end of period, DKK  
1,637,288  
5.6  
1,774,672  
19.0  
Statement of financial position  
Total assets  
2,348.8  
1,252.9  
1,095.9  
169.4  
2,458.7  
1,281.6  
1,177.1  
12.6  
2,458.7  
1,281.6  
1,177.1  
12.6  
5.6  
18.9  
70.5  
2,348.8  
1,252.9  
1,095.9  
169.4  
2,343.9  
1,197.9  
1,146.0  
39.1  
29.8  
85.0  
Equity  
274.8  
278.4  
279.9  
393.0  
279.9  
274.8  
255.9  
Liabilities  
393.0  
278.4  
321.0  
Net working capital  
Invested capital  
Net interest-bearing debt  
Cash and securities  
Other key figures and financial ratios  
Gross margin  
1,717.2  
-464.3  
193.7  
1,247.6  
34.0  
1,247.6  
34.0  
1,717.2  
-464.3  
193.7  
1,242.5  
-44.6  
12.3%  
10.8%  
24.8%  
14.6%  
14.3%  
53.3%  
45,428  
666.0  
679.4  
22.4%  
19.7%  
49.0%  
43.1%  
45.2%  
52.1%  
44,747  
703.9  
22.8%  
19.6%  
46.3%  
43.1%  
45.2%  
52.1%  
127,818  
703.9  
12.8%  
10.9%  
25.2%  
14.6%  
14.3%  
53.3%  
135,446  
666.0  
21.5%  
18.4%  
43.1%  
32.3%  
31.0%  
51.1%  
172,116  
674.5  
EBITDA ratio  
694.6  
694.6  
557.2  
Conversion ratio  
ROIC 4)  
ROE 4)  
Statement of cash flows  
Cash flow from operating activities  
Cash flow from investing activities  
- of this investments in property, plant and equipment  
Cash flow from financing activities  
Free cash flow  
136.3  
-99.3  
2.6  
199.0  
-35.3  
-57.5  
-165.7  
95.6  
546.4  
0.3  
221.7  
-58.5  
-302.0  
-368.4  
-266.8  
63.6  
670.8  
-48.4  
Equity ratio  
-253.9  
-675.2  
234.6  
263.0  
95.2  
Total number of vessel days for the Group  
USD/DKK rate at end of the period  
USD/DKK average rate for the period  
-272.9  
-932.7  
264.6  
308.9  
127.5  
-129.1  
-60.5  
8.9  
684.9  
686.1  
687.7  
689.3  
Dividend paid to shareholders  
Share buy-back  
47.9  
For full definitions, please refer to the ”Alternative performance measures”, ”Key figures and finacial ratios” and ”ESG accounting policies” sections  
within the 2023 Annual Report.  
16.9  
19.5  
56.3  
1)  
The Energy Efficiency Operational Indicator (EEOI) is a measurement of energy efficiency and is defined as the amount of CO2 emitted per  
tonne of cargo transported 1 nautical mile.  
2)  
Lost-Time Incident Rate (LTIR) is calculated based on the number of work-related accidents, which causes a seafarer to be unable to work for more  
than 24 hours per 1 million working hours due to work-related injury.  
3)  
Converted at the USD/DKK rate at end of period.  
4)  
Figures are last 12 months.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
4
COMMENTS ON THE DEVELOPMENT OF THE THIRD QUARTER 2024  
Earnings results  
For the first nine months, the EBITDA was USD 329 million (USD  
560 million), reflecting a margin of 11% (20%).  
(USD 30 million) in Freight Services & Trading and a contribution  
of USD 43 million (USD 69 million) from Assets & Logistics.  
The time charter equivalent revenue (TCE) in the third quarter of  
2024 increased by 17% Y/Y to USD 684 million (USD 583 million),  
driven by higher activity levels. For the first nine months, the TCE  
revenue was USD 1,862 million (USD 1,835 million).  
Operating profit (EBIT) decreased by 70% Y/Y to USD 32 million  
(USD 106 million), mainly as a result of the lower EBITDA and  
the relatively higher depreciations as well as the absence of  
vessel sales gains compared to the same quarter last year. The  
conversion ratio adjusted for sales gains was 25% in the third  
quarter, a decrease from 49% in Q3 2023. For the first nine  
months, the operating profit was USD 159 million (USD 376  
million).  
Net profit for the first nine months was USD 133 million (USD 357  
million).  
Compared to the third quarter last year, the contribution margin  
decreased by 35% to USD 131 million (USD 202 million), mainly  
due to the higher charter costs in Freight Services & Trading.  
For the first nine months, the contribution margin was USD 384  
million (USD 649 million), reflecting a margin of 13% (23%).  
Cash flows and Capital structure  
Cash flow from operating activities was USD 136 million (USD  
199 million), negatively impacted by lower earnings and an  
increase in net working capital compared to the same quarter  
last year. For the first nine months, the operating cash flow was  
USD 222 million (USD 546 million).  
EBITDA decreased by 35% Y/Y to USD 115 million (USD 177  
million), reflecting a margin of 11% (20%).  
The net profit for the third quarter of 2024 amounted to USD 25  
million (USD 99 million) and represented a loss of USD 18 million  
Contribution margin  
EBITDA for the period  
Net Profit for the period  
Return on invested capital  
USD million  
USD million  
USD million  
%
177  
202  
43  
122  
119  
147  
115  
140  
40  
99  
32  
131  
37  
92  
114  
34  
93  
26  
21  
62  
64  
83  
46  
15  
43  
25  
109  
80  
100  
94  
Q3  
2023  
Q4  
2023  
Q1  
2024  
Q2  
2024  
Q3  
2024  
Q3  
2023  
Q4  
2023  
Q1  
2024  
Q2  
2024  
Q3  
2024  
Q3  
2023  
Q4  
2023  
Q1  
2024  
Q2  
2024  
Q3  
2024  
Q3  
2023  
Q4  
2023  
Q1  
2024  
Q2  
2024  
Q3  
2024  
Note: Numbers based on last twelve months  
Freight Services & Trading  
Assets & Logistics  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
5
Strategic scorecard  
Update on the Strategic Scorecard  
Cash flow from investing activities was USD -99 million in  
the third quarter (USD -35 million), mainly as a result of large  
prepayments on newbuildings of USD -91 million.  
The value creation based on the return on invested capital  
(ROIC) has in the past five years been 23% per year and 15% in  
the last twelve months, outperforming our target of average min.  
12% per year over a rolling five year period. The positive returns  
confirms the long-term value-creation from an agile and flexible  
business model, despite short-term fluctuations in earnings.  
Achieved  
Target  
Value creation  
Return on Invested Capital (ROIC)  
- avg. Q4 2019-Q3 2024  
Rolling five years  
Average a min of  
Cash flow from financing activities was USD -129 million (USD  
-166 million), due to cash distributions to shareholders through  
dividends and share buy-backs as well as instalments on lease  
liabilities.  
12%  
23%  
per year  
Growing the business in a profitable way is a core part of our  
strategy and we aim at growing the number of vessel days by 5%  
CAGR per year. In the last twelve months we have had a CAGR of  
6%, just above our target of 5%.  
Free cash flow was USD -61 million (USD 96 million), mainly  
impacted by the lower earnings and investing activities,  
including the acqusition of Norlat Shipping. Free cash flow for  
the first nine months was USD -267 million (USD 235 million).  
Growth  
Total number of vessel days  
- baseline Q4 2018 - Q3 2019  
Rolling five years:  
CAGR a min. of  
5%  
CAGR 6%  
per year  
During the quarter, the profitability in Freight Services & Trading  
was affected by continued high charter costs and weak tanker  
spot rates, resulting in an average margin per day for the last  
twelve months of USD -359 per day, well below the min. target of  
USD 500 per day. However, measuring the development over the  
past five years, the average margin has been USD 1,147 per day  
and thus well above our long-term target.  
During the third quarter of 2024, cash and cash equivalents  
decreased to USD 194 million (USD 557 million end FY 2023).  
Net interest-bearing debt increased to USD 464 million  
compared to USD 45 million by end FY 2023, mainly as a result  
of increased CAPEX spending.  
Profitability  
Rolling five years:  
Average a min. of  
Margin per day in FST  
- avg. per day Q4 2019-Q3 2024  
USD 500  
USD 1,147  
per day  
At end Q3 2024, NORDEN had committed credit facilities of USD  
200 million, of which USD 120 million were undrawn and directly  
accessible.  
In regards to decarbonisation, we have reduced EEOI by 14% by  
the end of the third quarter compared to our baseline in 2022,  
and we are on track to deliver on the 2030 target of a reduction  
of min. 16% in EEOI. We continue to focus on optimising and  
renewing our fleet by investing in fuel efficiency through paint  
upgrades, hull cleanings and other initiatives.  
Decarbonisation  
Reduction in emission  
intensity (EEOI)  
Target by 2030 latest:  
Reduction a min. of.  
NORDEN shareholders’ share of equity as of end Q3 2024  
was USD 1,253 million (USD 1,198 million end FY 2023),  
reflecting the positive net profit for the period and allocation to  
shareholders during the quarter. The solvency ratio was 53% by  
end Q3 2024, compared to 51% by end FY 2023.  
– baseline FY 2022  
16%  
14%  
While targeting total shareholder returns (TSR) of min. 10% per  
year on average, the returns in the past twelve months have  
been negative 22%. In the past five years, NORDEN has however  
generated a positive return of 38% per year, which highlights  
the long-term value creation and the benefit of our diversified  
business model.  
Shareholder returns  
Rolling five years:  
Average a min. of  
Total shareholder returns (TSR)  
- avg. Q4 2019-Q3 2024  
10%  
38%  
per year  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
6
MARKET DEVELOPMENTS  
Average spot rates  
Dry cargo market  
Market development  
Product tanker market  
Market development  
USD thousand / day  
60  
50  
40  
30  
20  
10  
0
The dry cargo market was weaker than expected in Q3. Despite continued  
support from Russian sanctions and longer distances due to the Red Sea  
situation, the northern hemisphere grain season failed to push the market  
higher as usually in Q3. Asset values remained firm driven by the ageing  
fleet and low orderbook caused by limited yard capacity.  
Despite continued support from longer distances due to market  
inefficiency related to the Russian sanctions and security risk in the Red  
Sea, the product tanker market developed much weaker than expected  
during the quarter.  
Compared to Q2 2024, the average spot rates decreased by 32% to  
USD 17,300 at end Q3, caused by crude vessels switching to carry  
clean product cargoes. The switching created an excessive supply of  
vessels in the clean market, resulting in decreasing MR spot rates.  
Total demand grew by close to 6% Y/Y in both tonnes and in tonne-miles.  
Despite a weak Chinese economy, the tonnes imported to China was up  
2% Y/Y driven by solid imports of coal and iron ore which increased by  
16% and 3% Y/Y, respectively. Global demand excluding China grew by  
9% Y/Y, driven by higher import of minor bulks.  
Jan Mar May  
23 23  
23  
Sep Nov Jan Mar May Jul Sep  
23 23 24 24 24 24 24  
Jul  
23  
MR  
Handysize  
Supramax  
Panamax  
Capesize  
The market weakness has continued after the end of the quarter.  
Source: Baltic Exchange  
Period rates and asset prices  
The Supramax spot rates declined slightly with 3% Q/Q to USD 14,500  
per day whereas average Capesize spot rates were up 10% Q/Q to USD  
24,900 per day.  
The 1-year T/C rate for MR Eco vessels decreased by 6% Q/Q to USD  
29,400 per day at the end of the quarter, while asset prices for 5-year  
MR vessels increased by 5% Q/Q to USD 49 million.  
Asset values  
5-year old vessels  
Period rates and asset prices  
USD million  
Market outlook  
The 1-year T/C rate for Supramax and Capesize vessels declined slightly  
by 3% and 4% Q/Q respectively, to USD 15,400 per day and USD 25,300  
per day at the end of the quarter. 5-year second-hand values declined  
slightly by 4% Q/Q for Supramax vessels to USD 33 million and Capesize  
increased 4% Q/Q to USD 62 million at the end of the quarter.  
70  
60  
50  
40  
30  
20  
10  
0
Product tanker market conditions are expected to rebound and stay  
attractive but volatile in the near-term future, driven by low fleet growth  
and positive vessel demand, based on longer transport distances due  
to the situation in the Red Sea and Russian sanctions. As crude tanker  
market is entering peak season, switching will likely diminish which will  
have a positive effect on the market.  
Market outlook  
Spot rates are expected to remain soft driven by lower bauxite volumes,  
opening of the Panama canal and low congestion. Vessel prices, however,  
are expected to remain firm, benefitting from continued support from a  
low orderbook and limited yard capacity.  
Jan Mar May  
23 23  
23  
Sep Nov Jan Mar May Jul Sep  
23 23 24 24 24 24 24  
Jul  
23  
MR  
Handysize  
Supramax  
Panamax  
Capesize  
Source: VesselsValue  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
7
FREIGHT SERVICES & TRADING  
Results  
Business highlights  
The net result in the third quarter was stable at USD -18 million  
compared to the second quarter, but decreased from USD 30  
million in Q3 2023. As expected, the negative margins in the  
dry cargo activities gradually improved throughout the quarter.  
However, the improved earnings in dry cargo were partly offset  
by lower earnings generated from the tanker activities.  
In Q3 2024, Freight Services & Trading continued to be affected  
by negative trading margins in the dry cargo activities due  
to persistent high voyage costs and charter hire. In line with  
expectations, margins in dry cargo have however gradually  
improved compared to the first and second quarter of the year.  
The dry cargo position has been significantly reduced for both  
Q4 2024 and 2025.  
Freight Services & Trading key figures  
Amount in  
USD million  
Q3  
2024  
Q3  
2023  
Last 4  
Quarters  
93.2  
-20.6  
29.8  
Contribution margin  
O/A costs  
37.2  
-11.8  
174.6  
-63.1  
Profit/loss for period  
Vessel days  
-18.2  
-61.1  
40,353  
738  
42,672  
-427  
170,181  
-359  
The result per vessel day was USD -427 compared to USD -420  
per day in Q2 2024 and below the long-term 5-year average  
result per vessel day of USD 1,147. EBITDA for the third quarter  
was USD 25 million (USD 73 million).  
Result per vessel day (USD/day)  
The product tanker market has been negatively impacted by  
vessels switching from crude to clean products, which created  
an excessive supply of vessels in the clean market. The larger  
part of this effect is already reflected in rates and expected to  
dissipate throughout the remainder of the year.  
Activity levels were 6% higher in the third quarter compared to  
the same period last year with 42,672 vessel days (40,353 days)  
with an average operating fleet of 464 vessels split between 371  
dry cargo vessels and 93 product tanker vessels.  
During the quarter, the acqusition of Norlat Shipping was closed  
and the business activities will operate as part of the Freight  
Services & Trading business.  
Net profit per vessel day  
Activity levels  
USD / day  
No. of vessel days  
4,583  
3,153  
1,672  
42,672  
41,525  
41,244  
CAGR  
6%  
40,576  
40,353  
3,554  
2,054  
1,916  
1,858  
1,856  
1,364  
Average  
1,147  
840  
776  
709  
738  
242  
48  
23  
-630  
-420  
-427  
-709  
Q4  
19  
Q1  
20  
Q2  
20  
Q3  
20  
Q4  
20  
Q1  
21  
Q2  
21  
Q3  
21  
Q4  
21  
Q1  
22  
Q2  
22  
Q3  
22  
Q4  
22  
Q1  
23  
Q2  
23  
Q3  
23  
Q4  
23  
Q1  
24  
Q2  
24  
Q3  
24  
Q3 2020  
Q3 2021  
Q3 2022  
Q3 2023  
Q3 2024  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
8
ASSETS & LOGISTICS  
Assets & Logistics key figures  
Results  
Business highlights  
Amount in  
Q3  
Q3  
Last 4  
USD million  
2024  
2023 Quarters  
The net result in Assets & Logistics decreased to USD 43 million in Q3  
2024 compared to USD 69 million in Q3 2023, largely due to lower  
revenue in the dry cargo activities and the absence of vessel sales gains  
compared to the same quarter last year. Sublease gains related to  
charter-out of vessels was stable at USD 14 million (USD 14 million).  
For the remaining part of 2024, the business continue to have high  
coverage across the operated fleet of 87 dry cargo and product tanker  
vessels with 106% coverage of the dry cargo fleet and 75% coverage in  
tankers, adding to the high visibility in earnings and cash flow.  
108.6  
-4.4  
69.0  
7.3  
Contribution margin  
O/A costs  
93.7  
-3.9  
356.1  
-20.0  
249.8  
65.0  
EBIT  
48.2  
-0.1  
Profit/loss from sale of vessels  
Profit/loss for the period  
During the quarter, NORDEN entered into agreements to sell five  
vessels, whereof two of the vessels were from declared purchase options,  
realising part of the value built in the NAV.  
68.8  
43.3  
237.3  
The contribution margin of USD 94 million (USD 109 million) and  
EBITDA of USD 90 million (USD 104 million) was generated by entering  
the quarter with a high coverage, particularly in dry cargo, combined  
with stable earnings generated from the tanker activities.  
Assets & Logistics fleet overview  
NORDEN’s portfolio of extensive optionality for the coming years with  
67,980 extension option days and 82 purchase options across both dry  
cargo and tankers, is adding increasing value upside and agility to the  
business. Of the current portfolio, 48 purchase options are currently in  
the money and can be declared before the end of 2025 at average strike  
prices that are currently 23% below market value.  
Dry cargo Tankers  
Total  
Active fleet  
Owned vessels  
Leased vessels  
Total active  
The estimated Net Asset Value (NAV) for Assets & Logistics by end Q3  
was DKK 433 per share. The NAV is based on Assets & Logistics and does  
not entail value generated from our Freight Service & Trading unit.  
10  
44  
54  
7
26  
33  
17  
70  
87  
Contracted future changes  
Owned vessels  
(net entries & exits)  
Estimated Net asset value of Assets & Logistics 1)  
6
-
6
1)  
2)  
Leased vessels  
(entries only)  
Including NORDEN’s net cash position.  
13  
19  
5
5
18  
24  
Including vessels sold or contracted for future delivery. The  
market value of each included vessel is based on either bro-  
ker valuations or sales value, if such a value exists.  
Including estimated market value of optionality.  
Amount in USD million  
Dry cargo  
Tankers  
Total  
Total future changes  
Market value of owned vessels 2)  
1,111  
288  
305  
341  
646  
1,416  
629  
3)  
3)  
Estimated market value of leased vessels and cover portfolio  
Total Assets & Logistics portfolio value  
Net cash position  
Total vessels  
73  
38  
111  
1,399  
2,045  
91  
In Q2 2024, NORDEN revised its calculation model for esti-  
mating the theoretical value of the leased vessels and cover  
portfolio, including contracts with extension and purchase op-  
tionality. When estimating future asset prices, the new model  
not only takes into consideration expected future freight levels,  
but also current asset prices. The estimated values are theo-  
retical since the parameter assumptions used are subjective  
and cannot be observed in the market. In addition, there is no  
market where purchase options can be traded, so the theoreti-  
cal values can only be realised over time. The new calculation  
model does not affect any reported accounting figures.  
Purchase options  
52  
30  
82  
Extension option days  
47,388  
20,592  
67,980  
Instalments  
-389  
227  
Other net assets (book values) excluding intangibles  
Total business unit NAV  
Floating  
transfer  
station  
1,974  
433  
Tug-  
boats  
Logistics assets  
Barges  
3
Business unit NAV per share, DKK  
Market value of owned vessels vs. carrying amounts  
110  
120  
230  
Total  
1
7
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN  
9
OUTLOOK FOR 2024  
Guidance  
Seasonality and uncertainty  
Further information  
Therese Möllevinge  
Head of Investor Relations  
+45 41 37 16 38 / +45 32 73 06 86  
On the back of a weaker tanker market, NORDEN narrows its  
expected full-year net profit guidance for 2024 to USD 160-210  
million (previously USD 160-240 million).  
Given the geopolitical and macroeconomic uncertainties in  
general and the situation around the Red Sea, the freight market  
uncertainty and volatility is expected to remain high for the  
remainder of the year.  
Martin Badsted  
The guidance for 2024 includes gains on sale of vessels from  
already signed and agreed transactions of USD 83 million  
(previously USD 61 million).  
Chief Financial Officer  
+45 33 42 05 26 / +45 30 67 58 94  
Events after the reporting date  
No significant events have occurred between the reporting date  
and the publication of the annual report, which have not already  
been included and adequately disclosed in the quarterly report,  
and which materially affect the assessment of the Company’s and  
Group’s results of operations or financial position.  
By mid October 2024, NORDEN had a total of 1,800 open tanker  
equivalent vessel days and 240 open dry cargo equivalent vessel  
days for the remainder of 2024 across both business units.  
Forward-looking statements  
This interim report contains certain forward-looking state-  
ments reflecting Management’s present judgement of future  
events and financial results. Statements relating to 2024 and  
the years ahead are inherently subject to uncertainty, and  
NORDEN’s realised results may therefore differ from projec-  
tions. Factors that may cause NORDEN’s realised results to  
differ from the projections in this report include, but are not  
limited to: Changes to macroeconomic and political condi-  
tions – particularly in the Group’s principal markets; changes  
to NORDEN’s rate assumptions and budgeted operating  
expenses; volatility in freight rates and tonnage prices; regula-  
tory changes; counterparty risks; any disruptions to traffic and  
operations as a result of external events etc.  
Freight Services & Trading  
In Freight Services & Trading, the margins in the dry cargo  
activities are expected to continue to improve, whereas margins  
in the tanker activities are likely to decline as a result of weaker  
tanker rates.  
Assets & Logistics  
“NORDEN narrows its full-year  
guidance to the range of  
USD 160-210 million”  
Earnings in Assets & Logistics are expected to continue at a  
relatively stable level throughout the remainder of the year,  
driven by the high coverage.  
Distribution policy  
To distribute minimum 50% of the profit for the full-year,  
including profit/loss from sale of vessels, through dividends and  
share buy-back programmes.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 10  
STATEMENT BY THE BOARD OF DIRECTORS
AND EXECUTIVE MANAGEMENT
The Board of Directors and the Executive Management have
today reviewed and approved the Interim Report for the period
1 January to 30 September 2024 of Dampskibsselskabet
NORDEN A/S.
The interim consolidated financial statements have not been
subject to audit or review by the Independent Auditors of
Dampskibsselskabet NORDEN A/S.
In our opinion, the interim consolidated financial statements
give a true and fair view of Dampskibsselskabet NORDEN A/S’
consolidated assets, equity and liabilities and the financial
position at 30 September 2024 as well as the result of
We consider the accounting policies applied to be appropriate
and the accounting estimates made to be adequate.
Furthermore, we find the overall presentation of the Interim
Report to present a true and fair view.
Dampskibsselskabet NORDEN A/S’ consolidated activities and
cash flows for the period 1 January to 30 September 2024.
The interim consolidated financial statements of
Dampskibsselskabet NORDEN A/S have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted
by the EU and additional Danish disclosure requirements for
interim financial reporting of listed companies.
Furthermore, in our opinion the Management Review gives a fair
representation of the Group’s activities and financial position as
well as a description of the material risks and uncertainties which
the Group is facing, relative to the disclosures in the Annual
Report for 2023.
Besides what has been disclosed in the Interim Report, no other
significant changes in the Group’s risks and uncertainties have
occurred relative to what was disclosed in the consolidated
Annual Report for 2023.
Copenhagen, 31 October 2024
Executive Management  
Jan Rindbo
Martin Badsted
CEO
CFO
Board of Directors  
Klaus Nyborg
Johanne Riegels Østergård
Karsten Knudsen
Robert Hvide Macleod
Ian McIntosh
Vibeke Bak Solok
Chair
Vice chair
Henrik Røjel
Ruhi Hermansen
Sofie Schønherr
(employee-elected)
(employee-elected)
(employee-elected)
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 11  
INTERIM CONSOLIDATED  
INCOME STATEMENT  
INTERIM CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME  
Contribution margin  
USD million  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Amounts in USD million  
Note  
3/4  
Amounts in USD million  
Note  
202  
Revenue  
1,064.2
899.3
3,011.7
2,851.2
3,691.9
Profit for the period  
25.1
98.6
133.1
357.0
400.1
147  
140  
131  
Other operating income  
Vessel operation costs  
Contribution margin  
3.5
-936.8
130.9
3.6
-701.1
201.8
14.5
-2,642.0
384.2
12.3
-2,214.6
648.9
17.6
-2,914.1
795.4
Items which will be reclassified to  
the income statement:  
114  
5
5
Fair value adjustment for the  
period, cash flow hedges  
7
6.6
-0.4
40.4
-49.4
-98.4
Other comprehensive income,  
total  
Overhead and administration costs  
-15.7
-25.0
-55.7
-89.4
-116.8
6.6
-0.4
40.4
-49.4
-98.4
Profit/loss before depreciation,  
amortisation and impairment  
losses, etc. (EBITDA)  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Total comprehensive income for  
the period, after tax  
115.2
176.8
328.5
559.5
678.6
31.7
31.7
98.2
98.2
173.5
173.5
307.6
307.6
301.7
301.7
Profit/loss from sale of vessels, etc. 12  
-0.1
7.3
62.0
76.0
79.0
Attributable to:  
Depreciation, amortisation and  
impairment losses, net  
T/C-equivalent revenue  
Owners of Dampskibsselskabet  
NORDEN A/S  
-82.7
-77.6
-231.5
-258.6
-335.2
Profit/loss from investments in  
joint ventures  
USD million  
-0.1
-0.3
-0.1
-0.7
-0.8
684  
636  
Profit from operations (EBIT)  
32.3
106.2
158.9
376.2
421.6
583  
542  
496  
Financial income  
Financial expenses  
Profit before tax  
6
6
2.6
-7.2
6.5
-11.9
15.9
-33.2
141.6
28.2
-40.8
363.6
42.0
-53.4
410.2
27.7
100.8
Tax  
-2.6
-2.2
-8.5
-6.6
-10.1
Profit for the period  
25.1
98.6
133.1
357.0
400.1
Attributable to:  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Owners of Dampskibsselskabet  
NORDEN A/S  
25.1
98.6
133.1
357.0
400.1
Earnings per share (EPS)  
Earnings per share (USD)  
0.8
0.8
2.8
2.8
4.3
4.3
10.3
10.3
12.4
12.3
Earnings per share, diluted (USD)  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 12  
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION  
Assets  
Equity and liabilities  
Equity  
30/9  
2024  
30/9  
2023  
31/12  
2023  
30/9  
2024  
30/9  
2023  
31/12  
2023  
USD million  
1,282  
Amounts in USD million  
Note  
Amounts in USD million  
Note  
35.3
15.2
50.5
Goodwill  
8
8
44.6
15.3
59.9
35.3
17.6
52.9
Share capital  
5.1
5.1
5.4
13.7
5.4
-35.3
1,253  
1,247  
Other intangible assets  
Total intangible assets  
Reserve for hedges  
Retained earnings  
Total equity  
1,223  
1,242.7
1,252.9
1,262.5
1,281.6
1,227.8
1,197.9
1,198  
503.5
355.0
49.6
Vessels  
9
752.9
342.4
50.2
602.1
322.7
49.9
Right-of-use assets  
10  
Loans  
108.0
188.5
5.0
179.8
182.3
-
109.8
153.0
-
Property and equipment  
Prepayments on vessels and newbuildings  
Total tangible assets  
37.0
11  
66.0
45.1
Lease liabilities  
10  
945.1
1,211.5
1,019.8
Other non-current liabilities  
Total non-current liabilities  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
301.5
362.1
262.8
12.7
17.0
29.7
Investments  
14.0
86.0
12.7
26.7
39.4
Receivables from subleasing  
Total financial assets  
Loans  
97.2
-
21.6
74.1
2.2
71.3
100.0
Net interest-bearing debt  
Bonds  
Total non-current assets  
1,371.4
1,112.1
1,025.3
USD million  
34  
Lease liabilities  
Trade payables  
Tax payables  
Other payables  
Deferred income  
10  
12  
264.3
262.4
6.2
215.5
247.5
4.8
265.5
261.8
6.6
112.1
77.6
Inventories  
157.2
78.9
267.7
-
97.0
96.1
Receivables from subleasing  
Trade receivables  
-45  
264.0
0.1
283.6
-
70.0
78.2
778.3  
16.1
145.3
102.2
811.0  
4.0
148.7
101.9
858.0  
25.2
-128  
Receivables from joint ventures  
Other receivables  
38.0
47.1
41.4
116.5
557.2
1,185.0  
133.6
1,318.6
Prepayments  
142.4
193.7
887.0  
90.4
977.4
129.3
694.6
1,322.5  
24.1
Liabilities relating to vessels held for sale  
-329  
-464  
Cash and cash equivalents  
815.0
Total current liabilities  
794.4
883.2
Assets held for sale  
12  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Total liabilities  
1,095.9
2,348.8
1,177.1
1,146.0
2,343.9
Total current assets  
1,346.6
TOTAL EQUITY AND LIABILITIES  
2,458.7
2,458.7
TOTAL ASSETS  
2,348.8
2,343.9
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 13  
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Free cash flow  
Amounts in USD million  
Note  
Amounts in USD million  
Note  
USD million  
96  
Cash flow from operating activities  
Cash flow from investing activities  
136.3  
-99.3  
199.0  
-35.3  
221.7  
-58.5  
546.4  
0.3  
670.8  
-48.4  
Profit for the period  
25.1
76.3
4.2
98.6
47.2
133.1
133.3
-130.3
94.5
357.0
142.0
-45.2
94.7
400.1
216.0
-71.7
130.2
-3.8
Reversal of items from the income statement  
Change in working capital  
30  
Change in money market investments, rate  
agreements >3 mths.  
16.2
37.2
-
-89.9  
2.5  
20.2  
-83.2  
8.3  
-159.6  
-253.5  
15.4  
-14.9  
-283.9  
26.6  
26.5  
-366.7  
35.6  
Instalments on sublease receivables  
Income tax, paid  
30.9
-0.2
Instalments on lease liabilities  
Financial income, received  
Financial expenses, paid  
-0.2
-8.9
-2.1
Cash flows from operating activities  
136.3
199.0
221.7
546.4
670.8
-50  
-61  
-10.1  
-60.5  
10.8  
-49.7  
-13.4  
95.6  
13.3  
-32.3  
-39.9  
-53.2  
264.6  
69.6  
Investments in assets, assets held for sale  
and other tangible assets  
Free cash flow  
-266.8  
10.8  
234.6  
70.1  
9/12  
2.6
-91.1
0.2
-57.5
-0.5
0.3
-302.0
-131.0
-1.2
-253.9
-49.9
0.7
-272.9
-76.8
-
Acquisition of businesses and investments  
Adjusted free cash flow  
Prepayments on newbuildings  
Investment in joints ventures  
11  
-156  
108.9  
-256.0  
304.7  
334.2  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Acquisition of businesses and investments  
2
-10.8
-0.1
-13.3
54.3
1.6
-10.8
232.1
-5.2
-70.1
350.6
8.0
-69.6
388.9
8.5
30/9  
2024  
30/9  
2023  
31/12  
2023  
Proceeds from sale of vessels and newbuildings  
Change in financial receivables  
Amounts in USD million  
Note  
-0.1
Change in money market investments, rate  
agreements >3 mths.  
Cash and cash equivalents at end period can be  
explained as follows  
Cash flow from operations  
-
-20.2
159.6
14.9
-26.5
Cash flows from investing activities  
-99.3
-35.3
-58.5
0.3
-48.4
USD million  
Demand deposits and cash balance  
Money market investment  
82.8  
71.3  
381.4  
282.9  
30.3  
142.5  
361.2  
53.5  
Dividend paid to shareholders  
Acquisition of treasury shares  
Proceeds from loans  
-8.9
-16.9
299.8
-
-47.9
-19.5
0.1
-63.6
-56.3
475.0
-71.3
-263.0
-95.2
0.4
-308.9
-127.5
-
Other cash and cash equivalents  
39.6  
199  
193.7  
694.6  
557.2  
136  
135  
Repayment of bonds  
0.5
0.4
-2.4
124  
Repayment of loans  
-305.6
-89.9
2.5
-10.6
-83.2
8.3
-381.8
-253.5
15.4
-20.6
-283.9
26.6
-109.6
-366.7
35.6
Instalments on lease liabilities  
Financial income, received  
Financial expenses, paid  
10  
6
6
-10.1
-129.1
-13.4
-165.7
-32.3
-39.9
-675.2
-53.2
-932.7
Cash flow from financing activities  
-368.4
-50  
Net cash flow  
-92.1
212.7
2.2
-2.0
510.2
-2.7
-205.2
326.7
1.3
-128.5
638.3
-4.3
-310.3
638.3  
-1.3
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Liquidity at beginning of the period  
Exchange rate adjustments  
Change in liquidity for the period  
Liquidity at end period  
-92.1
122.8
-2.0
-205.2
122.8
-128.5
505.5
-310.3
326.7
505.5
Cash and cash equivalents with rate agreements  
of >3 mths, etc.  
70.9  
189.1  
70.9  
189.1  
230.5  
Cash and cash equivalents at end period  
193.7  
694.6  
193.7  
694.6  
557.2  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 14  
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
Shareholders of NORDEN  
Shareholders of NORDEN  
Equity ratio  
Share  
capital for hedges  
Reserve Retained  
Total  
equity  
Share  
capital for hedges  
Reserve Retained  
Total  
equity  
%
Amounts in USD million  
earnings  
Amounts in USD million  
earnings  
Equity at 1 January 2024  
5.4
-35.3
1,227.8
1,197.9
Equity at 1 January 2023  
5.9
63.1
1,261.7
1,330.7
54  
53  
53  
52  
51  
Profit for the period  
-
-
133.1
-
133.1
40.4
-
Profit for the period  
-
-
357.0
-
357.0
-49.4
-
Other comprehensive income, total  
Capital reduction  
-
40.4
Other comprehensive income, total  
Capital reduction  
-
-49.4
-0.3
-
0.3
-0.5
-
0.5
Acquisition of treasury shares  
Dividends paid  
-
-
-56.3
-68.2
4.6
-56.3
-68.2
4.6
Acquisition of treasury shares  
Dividends paid  
-
-
-95.2
-284.8
21.8
1.5
-95.2
-284.8
21.8
1.5
-
-
-
-
Dividends related to treasury shares  
Share-based payment  
Changes in equity  
-
-
-
-
Dividends related to treasury shares  
Share-based payment  
Changes in equity  
-
-
-
-
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
1.4
1.4
-0.3
40.4
14.9
55.0
-0.5
-49.4
0.8
-49.1
Equity at 30 September 2024  
5.1
5.1
1,242.7
1,252.9
Equity at 30 September 2023  
5.4
13.7
1,262.5
1,281.6
Return on equity  
%
45  
31  
24  
20  
14  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
 
—
Interim Financial Report  
Second Quarter and First Half-Year 2024  
NORDEN 15  
NOTES TO  
THE INTERIM  
FINANCIAL  
STATEMENTS  
1. Basis of preparation and changes to NORDEN’s accounting policies  
1.1 Basis of preparation  
1.2 Changes in accounting policies and disclosures  
The interim consolidated financial statements for the nine months ended 30  
September 2024 have been prepared in accordance with IAS 34 Interim financial  
reporting as adopted by the EU and additional Danish disclosure requirements for the  
interim financial reporting of listed companies.  
The Group has adopted standards and interpretations effective as of 1 January 2024.  
The Group has not early adopted any other standard, interpretation or amendments  
that have been issued but are not yet effective.  
1. Basis of preparation and changes  
to NORDEN’s accounting policies  
15  
16  
17  
19  
19  
19  
Adoption of new or amended IFRS standards  
The interim consolidated financial statements do not include all the information  
and disclosures required in the annual financial statements and should be read in  
conjunction with the Group’s annual consolidated financial statements for the year  
ended 31 December 2023.  
NORDEN has implemented amendments and interpretations to existing standards  
effective as of 1 January 2024. None of these interpretations or amendments have had  
any significant effect on the accounting policies applied by NORDEN.  
2. Business combinations  
3. Segment information  
4. Segregation of revenue  
5. Expenses by nature  
Standards not yet in force  
The accounting policies, judgements and estimates are consistent with those applied  
in the consolidated annual report for 2023, apart from changes described below.  
The Group intends to adopt new and amended standards and interpretations, if appli-  
cable, when they become effective. New and amended financial reporting standards  
are either irrelevant or insignificant to NORDEN, except for IFRS 18 Presentation and  
Disclosure in Financial statements, which was issued in April 2024 and will be effective  
from 2027. NORDEN is currently evaluating the potential impact of this standard on its  
financial statements.  
6. Financial income and expenses  
7. Fair value adjustment - hedging  
instruments  
For a complete description of accounting policies, see the notes to the consolidated  
financial statements for 2023, pages 100-103 in the consolidated annual report for  
2023.  
20  
21  
21  
22  
8. Intangible assets  
9. Vessels  
With effect from 1 January 2024, shipping was included in the EU Emissions Trading  
System (EU ETS). NORDEN complies with the legislation and currently the impact of the EU  
ETS on our financial statements is immaterial.  
Significant accounting estimates and judgements  
The accounting estimates and judgements, which Management deems to be signifi-  
cant to the preparation of the consolidated financial statements, are impairment test  
and non-lease component for leases under IFRS 16 Leases. For further description a  
reference is made to note 1.4 “Significant accounting estimates and judgements” in the  
consolidated financial statements for 2023.  
10. Leases - lessee  
11. Prepayments on vessels and  
newbuildings  
22  
22  
23  
23  
12. Assets held for sale  
13. Related party disclosure  
14. Contingent assets and liabilities  
15. Overview of deliveries of owned  
vessels and CAPEX  
23  
23  
16. Events after the reporting date  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 16  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Business combinations  
On 3 September 2024, NORDEN acquired 100% of the shares in the Norwegian dry bulk operator, Norlat Shipping. Norlat  
Shipping specialises in the shipment of forest products and other bulk commodities, primarily trading from Northern Europe  
to North Africa and North America. This acquisition is in line with NORDEN’s strategy to enhance its position within projects  
and parcelling, providing more flexible and comprehensive solutions to customers.  
The following table summarises the fair value of net assets acquired, as well as cashflow impact:  
Amounts in USD million  
Norlat Shipping  
Intangible assets - Customer relationships  
Current assets  
5.7  
6.7  
The purchase price was USD 17.9 million, which included the fair value of contingent consideration of USD 5 million,  
contingent upon meeting certain performance conditions over the next three years. The finalisation of the closing date  
accounts may result in adjustments to the purchase price.  
Liabilities  
-3.8  
8.6  
Net assets acquired  
The goodwill arising from the acquisition, amounting to USD 9.3 million, is attributed to the expected synergies from the  
combination of operations, which are anticipated to enhance operational efficiencies, broaden NORDEN’s service offering,  
and improve customer value. Goodwill has been provisionally allocated to the Dry Cargo cash-generating unit.  
Goodwill  
9.3  
Purchase price  
17.9  
Change in payables on purchase price, etc  
Contingent consideration assumed  
-1.1  
-5.0  
-1.0  
The fair value of the acquired identifiable net assets, including customer relationships, amounts to USD 8.6 million. However,  
this figure is provisional pending final valuation of those assets.  
Cash and bank balances assumed  
Cash flow used for acquisition of subsidiaries and activities  
10.8  
Acquisition-related costs of USD 0.2 million have been recognised as an expense in the consolidated income statement  
under administration costs. The revenue, costs and profits from the new business have been allocated to the Freight Services  
& Trading segments.  
From 3 September 2024 to 30 September 2024, the acquired business contributed approximately USD 6.3 million in  
revenue to the consolidated income statement, while the net profit contribution was insignificant.  
Had the transaction closed on 1 January 2024, the acquired business would have contributed USD 56.5 million in revenue  
and a profit after tax of USD 2.2 million.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 17  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
3. Segment information  
T/C equivalent revenue  
Q3 2024  
Q3 2023  
USD million  
Freight  
Services &  
Trading  
Freight  
Services &  
Trading  
Assets &  
Assets &  
Amounts in USD million  
Logistics  
Eliminations  
Total  
Logistics  
Eliminations  
Total  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs*  
997.1  
-
51.0  
92.6  
16.2  
-13.4  
146.4  
-0.9  
-
1,048.1  
-
801.4  
-
64.6  
85.0  
15.2  
-
866.0  
-
-92.6  
-85.0  
-0.1  
-
16.1  
18.1  
-312.4  
507.1  
3.7  
-
33.3  
-316.8  
582.5  
3.6  
-370.4  
626.6  
4.4  
3.5  
-380.3  
683.9  
3.5  
-6.3  
1.9  
507  
579 627  
147 146  
442  
490  
T/C equivalent revenue  
-89.1  
158.5  
-0.1  
-83.1  
159 135 128  
Other operating income  
-
-
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Charter hire and OPEX element*  
Operating costs, owned vessels*  
Contribution margin  
-593.8  
-
-37.1  
-14.7  
93.7  
-3.9  
89.1  
-541.8  
-14.7  
130.9  
-15.7  
-417.6  
-
-35.2  
-14.6  
108.6  
-4.4  
83.1  
-369.7  
-14.6  
201.8  
-25.0  
-
-
-
-
-
-
Freight Services & Trading  
Assets & Logistics  
37.2  
-11.8  
93.2  
-20.6  
Overhead and administration costs  
Profit before depreciation, amortisation and  
impairment losses, etc. (EBITDA)  
25.4  
-
89.8  
-0.1  
-
-
-
-
-
-
-
-
-
-
115.2  
-0.1  
72.6  
-
104.2  
7.3  
-
-
-
-
-
-
-
-
-
-
176.8  
7.3  
Contribution margin  
Profit/loss from sale of vessels, etc.  
Depreciation, amortisation and impairment losses  
Profit/loss from investments in joint ventures  
Profit from operations (EBIT)  
Financial income  
-41.3  
-
-41.4  
-0.1  
-82.7  
-0.1  
-35.4  
-
-42.2  
-0.3  
69.0  
7.3  
-77.6  
-0.3  
USD million  
-15.9  
1.2  
48.2  
1.4  
32.3  
2.6  
37.2  
-0.8  
-4.6  
31.8  
-2.0  
29.8  
106.2  
6.5  
Financial expenses  
-1.9  
-16.6  
-1.6  
-18.2  
-5.3  
44.3  
-1.0  
-7.2  
-7.3  
-11.9  
100.8  
-2.2  
93  
40  
37  
Profit before tax  
27.7  
-2.6  
69.0  
-0.2  
68.8  
64  
83  
34  
80  
Tax  
Profit for the period  
43.3  
25.1  
98.6  
* Included in the item “Vessel operating costs” in the income statement.  
109  
100  
94  
Q3 Q4 Q1 Q2 Q3  
2023 2023 2024 2024 2024  
Freight Services & Trading  
Assets & Logistics  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 18  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
3. Segment information – continued  
Q1-Q3 2024  
Q1-Q3 2023  
Freight  
Services &  
Trading  
Freight  
Services &  
Trading  
Assets &  
Logistics  
Assets &  
Logistics  
Amounts in USD million  
Eliminations  
Total  
Eliminations  
Total  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs*  
2,792.2  
-
151.3  
260.4  
63.2  
-
2,943.5  
-
2,595.4  
-
186.3  
254.5  
34.5  
-
2,781.7  
-
-260.4  
-254.5  
5.0  
-
68.2  
35.0  
-
69.5  
-1,101.6  
1,695.6  
15.5  
-54.0  
420.9  
-1.0  
5.8  
-1,149.8  
1,861.9  
14.5  
-998.7  
1,631.7  
12.1  
-21.0  
454.3  
0.2  
3.8  
-1,015.9  
1,835.3  
12.3  
T/C equivalent revenue  
-254.6  
-250.7  
Other operating income  
-
-
Charter hire and OPEX element*  
Operating costs, owned vessels*  
Contribution margin  
1,600.1  
-
-105.3  
-41.4  
273.2  
-12.7  
254.6  
-1,450.8  
-41.4  
-1,289.8  
-
-117.0  
-42.6  
294.9  
-16.2  
250.7  
-1,156.1  
-42.6  
648.9  
-89.4  
-
-
-
-
-
-
111.0  
-43.0  
384.2  
-55.7  
354.0  
-73.2  
Overhead and administration costs  
Profit before depreciation, amortisation and  
impairment losses, etc. (EBITDA)  
68.0  
-
260.5  
62.0  
-
-
-
-
-
-
-
-
-
-
328.5  
62.0  
280.8  
-
278.7  
76.0  
-
-
-
-
-
-
-
-
-
-
559.5  
76.0  
Profit/loss from sale of vessels, etc.  
Depreciation, amortisation and impairment losses  
Profit/loss from investments in joint ventures  
Profit from operations (EBIT)  
Financial income  
-116.3  
-
-115.2  
-0.1  
-231.5  
-0.1  
-132.7  
-
-125.9  
-0.7  
-258.6  
-0.7  
-48.3  
3.8  
207.2  
12.1  
158.9  
15.9  
148.1  
4.2  
228.1  
24.0  
376.2  
28.2  
Financial expenses  
-13.1  
-57.6  
-5.5  
-63.1  
-20.1  
199.2  
-3.0  
-33.2  
141.6  
-8.5  
-15.5  
136.8  
-6.2  
130.6  
-25.3  
226.8  
-0.4  
-40.8  
363.6  
-6.6  
Profit before tax  
Tax  
Profit for the period  
196.2  
133.1  
226.4  
357.0  
* Included in the item “Vessel operating costs” in the income statement.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 19  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
4. Segregation of revenue  
6. Financial income and expenses  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Amounts in USD million  
Amounts in USD million  
Vessel type  
Dry Bulk  
Tankers  
Total  
Interest income  
2.5  
0.1  
-
8.3  
1.6  
15.4  
0.4  
26.6  
1.6  
-
35.6  
1.9  
906.6  
157.6  
743.4  
155.9  
899.3  
2,537.7  
474.0  
2,289.9  
561.3  
3,007.8  
684.1  
Fair value adjustment, derivatives  
Exchange rate adjustments  
Total financial income  
-3.4  
6.5  
0.1  
4.5  
1,064.2  
3,011.7  
2,851.2  
3,691.9  
2.6  
15.9  
28.2  
42.0  
Type of service  
Voyage charter  
Time charter  
Total  
Interest expenses  
2.0  
0.2  
-3.1  
8.1  
5.4  
-2.0  
0.5  
9.3  
0.4  
16.0  
0.4  
21.8  
0.2  
-
888.4  
175.8  
723.7  
175.6  
899.3  
2,422.1  
589.6  
2,365.2  
486.0  
2,944.5  
747.4  
Fair value adjustment, derivatives  
Exchange rate adjustments  
Interest expense on lease liabilities  
Total financial expense  
0.5  
0.5  
1,064.2  
3,011.7  
2,851.2  
3,691.9  
8.0  
23.0  
33.2  
23.9  
40.8  
31.4  
53.4  
7.2  
11.9  
5. Expenses by nature  
Q3  
2024  
Q3  
2023  
Q1-Q3  
2024  
Q1-Q3  
2023  
FY  
2023  
Amounts in USD million  
Vessel operating costs  
Overhead and administration costs  
Total  
936.8  
15.7  
701.1  
25.0  
2,642.0  
55.7  
2,214.6  
89.4  
2,914.1  
116.8  
952.5  
726.1  
2,697.7  
2,304.0  
3,030.9  
These costs can be split by nature:  
Voyage costs excluding bunker oil  
Bunker oil  
163.6  
216.7  
63.9  
477.9  
14.7  
6.6  
140.6  
176.2  
62.8  
306.9  
14.6  
458.1  
691.7  
186.4  
1,264.4  
41.4  
419.7  
596.2  
195.7  
960.4  
42.6  
568.3  
792.2  
257.6  
1,237.3  
58.7  
Service component of right-of-use assets  
Expenses related to short-term leases  
Operating costs owned vessels  
Other external costs  
6.0  
19.4  
18.7  
26.5  
Staff costs and remuneration  
Total  
9.1  
19.0  
36.3  
70.7  
90.3  
952.5  
726.1  
2,697.7  
2,304.0  
3,030.9  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 20  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
7. Fair value adjustment – hedging instruments  
30/9  
2024  
30/9  
2023  
31/12  
2023  
30/9  
2024  
30/9  
2023  
31/12  
2023  
Amounts in USD million  
Amounts in USD million  
Fair value of cash flow hedges  
Fair value adjustment at 1 January  
Fair value adjustment for the period, net  
Fair value at end of period  
As of 30 September 2024, outstanding hedging contains:  
-35.3  
40.4  
5.1  
63.1  
-49.4  
13.7  
63.1  
-98.4  
-35.3  
Bunker hedging  
Fair value at 1 January  
-1.9  
19.4  
0.7  
-10.8  
24.9  
22.3  
-16.7  
19.7  
-10.8  
15.1  
27.7  
-33.9  
-1.9  
Fair value adjustments  
The fair value of cash flow hedges for the period can be  
specified as follows:  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
-17.0  
1.2  
Bunker hedging  
1.2  
3.8  
0.1  
5.1  
19.7  
-7.2  
1.2  
-1.9  
-34.0  
0.6  
FFA hedging  
FFA hedging  
Foreign currency risk hedging  
Fair value at end of period  
Fair value at 1 January  
-34.0  
5.1  
71.9  
0.1  
71.9  
-18.5  
-19.1  
13.7  
-35.3  
Fair value adjustments  
The fair value measurement hierarchy of hedging is measured based upon significant observable inputs (level 2).  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
92.8  
-60.1  
3.8  
-133.2  
54.0  
-7.2  
-68.3  
-34.0  
Foreign currency risk hedging  
Fair value at 1 January  
0.6  
-0.5  
0.1  
2.0  
-0.8  
1.2  
2.0  
-1.4  
0.6  
Fair value adjustments  
Fair value at end of period  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 21  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
8. Intangible assets  
9. Vessels  
30/9  
2024  
30/9  
2023  
31/12  
2023  
30/9  
2024  
30/9  
2023  
31/12  
2023  
Amounts in USD million  
Amounts in USD million  
Cost at 1 January  
595.7  
280.5  
-
663.2  
147.7  
-2.5  
663.2  
150.6  
-2.5  
Goodwil  
Additions  
Cost at 1 January  
35.3  
9.3  
-
-
Additions from business combinations  
35.3  
35.3  
Disposals  
Transferred from prepayments on vessels and newbuildings  
Transferred to tangible assets held for sale  
Cost at end of period  
99.6  
-118.1  
857.7  
36.9  
65.1  
Cost at end of period  
44.6  
35.3  
35.3  
-102.4  
742.9  
-280.7  
595.7  
Amortisation and impairment losses at 1 January  
Amortisation  
-
-
-
-
-
-
-
-
-
Amortisation and impairment losses at end of period  
Depreciation and impairment losses at 1 January  
Depreciation  
-92.2  
-25.8  
-0.2  
-137.6  
-23.8  
-1.2  
-137.6  
-31.4  
-1.2  
Carrying amount at end of period  
44.6  
35.3  
35.3  
Impairment of assets  
Disposals related to derecognised assets  
Transferred to tangible assets held for sale  
Depreciation and impairment losses at end of period  
-
2.5  
2.5  
Other intangible assets  
Cost at 1 January  
13.4  
-104.8  
19.3  
75.5  
-92.2  
21.6  
5.7  
-
21.6  
-
-
21.6  
-
Additions from business combinations  
Disposals  
-140.8  
-1.8  
Carrying amount at end of period  
752.9  
602.1  
503.5  
Cost at end of period  
25.5  
21.6  
21.6  
The additions and transfers from prepayments on vessels and newbuildings for the first nine months of 2024 was mainly  
from NORDEN taking delivery of five second-hand Capesize vessels.  
Amortisation and impairment losses at 1 January  
Amortisation  
-6.4  
-5.6  
-
-4.0  
-
-
-6.4  
-
Disposals  
1.8  
On 30 September 2024, NORDEN assessed impairment indicators and found no indication of impairment. As goodwill relat-  
ed to the Dry Cargo CGU is held, a value-in-use (VIU) test was also performed based on a WACC of 7.75%, revealing a USD  
53 million excess value above the carrying amount, thus requiring no impairment recognition. Given the number of open  
ship days, the calculation is highly sensitive to the rate assumptions, and even minor changes will have a significant effect on  
the calculated VIU. A USD 1,000 per day reduction in freight rates would lower the VIU by USD 69 million, while a 1% WACC  
increase would reduce it by USD 39 million. To match the carrying amount, freight rates would need to decrease by USD 711  
per day, or the WACC would need to increase by 1.5%.  
Amortisation and impairment losses at end of period  
-10.2  
-4.0  
-6.4  
Carrying amount at end of period  
15.3  
17.6  
15.2  
Intangible assets additions in 2024 mainly consist of goodwill and customer relationsships acquired from the acquisition of  
Norlat Shipping on 3 September 2024.  
Goodwill arises when the Group acquires a business and pays a higher amount than the fair value of the net assets acquired,  
primarily due to the expected synergies.  
For further details, refer to note 2 “Business combinations”.  
Intangible assets additions in 2023 mainly consist of goodwill, customer relathionships and similar intangible assets,  
acquired from the acquisition of Thorco Projects on 26 June 2023.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 22  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
10. Leases – lessee  
11. Prepayments on vessels and newbuildings  
30/9  
2024  
30/9  
2023  
31/12  
2023  
30/9  
2024  
30/9  
2023  
31/12  
2023  
Amounts in USD million  
Amounts in USD million  
Cost at 1 January  
37.0  
131.0  
-99.6  
-2.4  
32.1  
49.9  
-36.9  
-
32.1  
76.8  
-65.1  
-6.8  
Right-of-use assets  
Cost at 1 January  
Additions  
Additions  
1,030.4  
100.3  
1,147.6  
55.7  
1,147.6  
92.6  
Transferred to vessels  
Transferred to tangible assets held for sale  
Cost at end of period  
Remeasurements  
Disposals  
76.2  
46.8  
105.7  
66.0  
45.1  
37.0  
-114.4  
1,092.5  
-292.8  
957.3  
-315.5  
1,030.4  
Cost at end of period  
Impairment for the period  
-
-
-
Carrying amount at end of period  
66.0  
45.1  
37.0  
Depreciation at 1 January  
Depreciation  
-675.4  
-198.8  
124.1  
-693.6  
-228.5  
287.5  
-693.6  
-294.9  
313.1  
Disposals  
12. Assets held for sale  
Depreciation at end of period  
-750.1  
-634.6  
-675.4  
30/9  
2024  
30/9  
2023  
31/12  
2023  
Amounts in USD million  
Carrying amount at end of period  
342.4  
322.7  
355.0  
Cost at 1 January  
133.6  
19.8  
104.7  
2.4  
110.0  
105.6  
82.9  
-
110.0  
121.5  
205.2  
6.8  
Lease Liabilities  
Additions  
Lease liabilities at 1 January  
Additions  
418.5  
198.1  
90.7  
519.5  
108.4  
59.4  
519.5  
152.7  
120.3  
-366.7  
-7.3  
Transferred from vessels  
Transferred from prepayments on vessels and newbuildings  
Disposals  
Remeasurements  
Instalments made  
Disposals  
-170.1  
-
-274.4  
-
-309.9  
-
-253.5  
-1.0  
-283.9  
-5.6  
Impairment for the period  
Carrying amount at end of period  
90.4  
24.1  
133.6  
Lease liabilities at end of period  
452.8  
397.8  
418.5  
Liabilities relating to assets held for sale  
Prepayments received on newbuildings and vessels sold  
Carrying amount at end of period  
16.1  
4.0  
25.2  
16.1  
4.0  
25.2  
Gains from sale of vessels during the year  
Losses from sale of vessels during the year  
Profit/loss from sale of vessels  
62.0  
-
76.0  
-
79.0  
-
62.0  
76.0  
79.0  
During the first nine months of 2024, NORDEN delivered four MR tankers, one Panamax, one Supramax, and one Capesize  
vessel to their new owners. Balances under held for sale as of 30 September 2024 mainly consist of three Panamax, one  
Supramax, one Capesize, one Supramax newbuild and three logistics assets.  
 
—
Interim Financial Report  
Third Quarter 2024  
NORDEN 23  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
13. Related party disclosure  
No significant changes have occurred to related parties or types and scale of transactions with these parties other than what  
is disclosed in the consolidated annual report for 2023.  
14. Contingent assets and liabilities  
Since the end of 2023, no significant changes have occurred to contigent assets and liabilities other than those referred to in  
this interim report.  
15. Overview of deliveries of owned vessels and CAPEX  
Deliveries of owned vessels  
Q4  
2024  
Q1  
2025  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q3  
2026  
Q4  
2026  
Q1  
2027  
Q2  
2027  
Q3  
2027  
Q4  
2027  
Number of vessels  
Total  
Supramax  
Panamax  
Capesize  
1
1
-
-
-
-
-
-
-
-
-
-
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
1
3
-
1
2
Cash flows from CAPEX and sale of vessels  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Amounts in USD million  
2024  
2025  
2025  
2025  
2025  
2026  
2026  
2026  
2026  
2027  
2027  
2027  
2027  
Total  
-389  
Investment in newbuildings and secondhand vessels  
-38  
-
-31  
-27  
-125  
-14  
-7  
-
-7  
-56  
-84  
-
-
Proceeds from sale of vessels and newbuildings  
Other CAPEX  
120  
-1  
3
-3  
-
3
-5  
3
-4  
31  
-
3
-
1
-3  
-9  
-
-
-
-
-
-
-
-
-
-
-1  
-1  
-
-1  
-1  
164  
-18  
Net cash flows  
81  
-33  
-28  
-94  
-11  
-7  
-56  
-84  
-243  
Other CAPEX includes ordinary docking as well as acquisition and installation of scrubbers and energy saving devices.  
Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements.  
16. Events after the reporting date  
No events have occurred after the balance sheet date which are expected to have a material impact on the interim consoli-  
dated financial statement.