First Quarter 2026
NORDEN Interim Financial Report
10
OUTLOOK FOR 2026
Guidance
Dry cargo
Tankers
Financial calendar 2026
The 2026 full-year guidance that was upgraded
as per Company announcement no. 102 on
April 28 is maintained. As such, we expect
a net profit in the range of USD 70–140
million (previously USD 30–100 million). This
includes gains from sale of vessels of USD
64 million (previously USD 20 million).
The full-year impact of the Persian Gulf conflict
is highly uncertain. In the Dry cargo estimate, we
cautiously assume that costs related to vessels
stuck in the Persian Gulf will continue through
year-end. The full-year estimate therefore includes
additional costs of USD 30 million.
Margins are expected to be supported by a
strong market in the second quarter, before
easing in the second half of the year. However,
the outlook remains highly uncertain and depends
on the resumption of flows through the Strait of
Hormuz. Continued closure would pressure rates
as more ballasters arrive from the East and lost
volumes weigh on demand. A restocking cycle
should support rates once flows normalise and
Eastern refineries resume operations, though high
newbuilding deliveries are expected to limit the
upside.
13 August Interim report – second quarter and
first half-year 2026
29 October Interim report – third quarter and
first nine months of 2026
Further information
Therese Möllevinge
Head of Investor Relations
+45 41 37 16 38
The anticipated benefits of the repositioning costs
did not materialise in Q1, but we expect that the
investments will generate value during Q2. As
such, we expect that the initiatives will deliver
results and we anticipate a gradual quarterly
improvement in the dry operator segments.
Earnings are expected to be frontloaded,
with a high share of sales gains and
operating earnings anticipated in Q2.
Martin Badsted
Chief Financial Officer
+45 30 67 58 94
By end-April 2026, NORDEN had a long position
of 2,260 open tanker vessel days and 6,880 dry
cargo days for the remainder of 2026.
Distribution policy
NORDEN’s policy to distribute minimum 50% of
the net profit for the full-year through dividends
and share buy-back programmes, remains
unchanged.
Forward-looking statements
This interim report contains certain forward-look-
ing statements reflecting Management’s present
judgement of future events and financial results.
Statements relating to 2026 and the years ahead
are inherently subject to uncertainty, and NOR-
DEN’s realised results may therefore differ from
projections. 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 conditions – particu-
larly in the Group’s principal markets; changes to
NORDEN’s rate assumptions and budgeted operat-
ing expenses; volatility in freight rates and tonnage
prices; regulatory changes; counterparty risks; any
disruptions to traffic and operations as a result of
external events etc.
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.
With the current Persian Gulf conflict, the near-term outlook remains highly uncertain.
However, supported by financial strength and an agile business model, NORDEN
is well positioned to navigate the market environment. Our commitment to deliver
long-term value to shareholders remains and we will distribute USD 35 million for the
first quarter of 2026 through a dividend of DKK 2 per share and a new share buyback
programme of USD 25 million.
CEO Jan Rindbo
