Second Quarter and First Half-Year 2025
NORDEN Interim Financial Report
5
Cash flow from investing activities was USD
-51 million in Q2 2025 compared to USD -107
million in Q2 2024, mainly due to a higher level of
proceeds from sale of vessels.
1,316 million (USD 1,297 million end FY 2024),
reflecting the positive net profit for the period and
allocation to shareholders during the quarter.
Estimated Net asset value 1
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
897
105
362
141
503
1,259
246
Net asset value and share buy-backs
Total portfolio value
1,002
1,505
280
Cash flow from financing activities was USD
-76 million (USD -95 million), as a result of cash
distributions to shareholders through dividends
and share buy-backs as well as instalments on
lease liabilities.
The estimated Net asset value (NAV) by end Q2
2025 was DKK 337 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 403
or DKK 277 per share at the end of Q2.
Cash and cash equivalents
Interest bearing debt
-130
101
4
Non-cash borrowings
Investments in newbuildings and secondhand vessels
-398
188
Other net assets
Total NAV
1,546
337
94
NAV per share, DKK
Free cash flow was USD -27 million (USD -156
million), mainly as a result of higher proceeds
from sale of vessels in 2025.
Market value of owned vessels in excess of carrying amounts
26
68
In line with our strategy to realise asset values, we
have sold 18 vessels during the first half of 2025.
After the quarter end, NORDEN has sold two
additional vessels, meaning that year-to-date,
20 vessels have been sold, of which 13 were
from declared purchase options. Following these
transactions, NORDEN’s year-to-date asset portfolio
will consist of 14 owned vessels and 86 long-
term leases with purchase options. For a full fleet
overview as of quarter end, please refer to page 9.
1
NAV has from Q1 2025 been based on the entire Group, i.e. 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.
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 422 and 97 million, respectively.
Financing lease debt.
2
3
Strong capital structure
4
NORDEN maintains a strong financial position
characterised by low leverage and no net bank
debt. Net interest-bearing debt, including lease
liabilities of USD 429 million, decreased to
USD 280 million at end Q2 compared to USD
329 million by end Q2 2024. Cash and cash
equivalents were relatively stable at USD 280
million compared to USD 284 million at the end
of Q2 2024. At end Q2 2025, NORDEN had
committed credit facilities of USD 230 million, of
which USD 178 million were directly accessible.
From the initiation of the announced share buy-back
programme in early May, 218,640 shares have been
acquired at an average price of DKK 210 per share
up until 7 August 2025. In line with NORDEN’s pay-
out policy, the Board has decided to initiate a new
share buy-back programme of USD 10 million,
which will run until the end of October 2025.
A high equity ratio of 58.6% 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 Q2 2025 was USD
