First Quarter 2025
NORDEN Interim Financial Report
5
distributions to shareholders through dividends
and share buy-backs as well as instalments on
lease liabilities.
Net asset value and share buy-backs
Estimated Net asset value 1
The estimated Net asset value (NAV) by end Q1
2025 was DKK 372 per share. The NAV is sensitive
to changes in asset values and forward freight rates.
Thus, a 10% increase or decline in both asset values
and forward rates would lead to a NAV of DKK 441
or DKK 305 per share at the end of Q1.
Amount in USD million
Dry
Tankers
Total
Market value of owned vessels 2
Estimated market value of leased vessels and cover (incl. purchase options) 3
975
147
390
164
554
1,365
311
Free cash flow was USD 56 million (USD -50
million), mainly as a result of the operating cash
flow and decrease in net working capital.
Total portfolio value
1,122
1,676
291
Cash and cash equivalents
Interest bearing debt
-102
102
4
Non-cash borrowings
Strong capital structure
In line with our strategy to realise asset values, we
have during the quarter realised part of the NAV by
selling nine vessels, of which three of the vessels
were from declared purchase options. After the
quarter end, NORDEN has sold three additional
vessels. Following these transactions, NORDEN’s
asset portfolio will consist of 20 owned vessels and
79 long-term leases with purchase options, 44 of
which can be declared within the next two years. For
a full fleet overview as of quarter end, please refer
to page 9.
Investments in newbuildings and secondhand vessels
-571
190
NORDEN maintains a strong financial position
characterised by low leverage and no net bank
debt. Net interest-bearing debt, including lease
liabilities of USD 415 million, decreased to USD
225 million at end Q1 compared to USD 264
million by end FY 2024, mainly as a result of the
increased cash position. During the first quarter of
2025, cash and cash equivalents increased to USD
291 million from USD 267 million at the end of
2024. At end Q1 2025, NORDEN had committed
credit facilities of USD 200 million, of which USD
173 million were directly accessible.
Other net assets
Total NAV
1,586
372
NAV per share, DKK
Market value of owned vessels in excess of carrying amounts
32
82
114
1
The Freight Services & Trading unit now includes Logistics and reflecting this change, NAV will from Q1 2025 be based on the entire Group, i.e.
now including the market value of current contracts in the other operating segments in the Freight Services & Trading unit, but no value from
future new activities.
2
3
Including newbuildings under construction and declared purchase options.
The NAV estimate is sensitive to changes in market levels. A change in both asset values and forward freight rates of +/-10% will change the
value estimate for the leased vessels and cover (incl. Purchase options) to USD 513 and 134 million, respectively.
Financing lease debt.
4
From the initiation of the announced share buy-back
programme in early February, 690,180 shares have
been acquired at an average price of DKK 185 per
share up until 8 April 2025. In line with NORDEN’s
pay-out policy, the Board has decided to initiate a
new share buy-back programme of USD 7 million,
which will run until the beginning of August 2025.
By repurchasing shares, we aim to take advantage
of what we view as a compelling opportunity to
strategically re-allocate capital, demonstrating our
confidence in the business and our commitment
to delivering long-term value to shareholders.
A high equity ratio of 58.5% underscores our
strong capital structure which provides both
resilience to withstand market fluctuations and
flexibility for future investments to support
continued growth.
NORDEN shareholders’ share of equity as of
end Q1 2025 was USD 1,274 million (USD 1,297
million end FY 2024), reflecting the positive
net profit for the period and allocation to
shareholders during the quarter.
