Second Quarter and First Half-Year 2026
NORDEN Interim Financial Report
5
NORDEN Group core fleet Q2 2026
GROUP FLEET OVERVIEW AND NET ASSET VALUE
Fleet update
customers with more flexible and tailored solutions.
The three new ice-class vessels will increase
our ability to serve customers requiring reliable
transport to regions affected by ice conditions
and support the long-term COA with the Swedish
mining company LKAB.
Net asset value and share buy-backs
Owned vessels
Long-term leases
Asset prices remain strong and NORDEN’s large
portfolio provides significant value upside in an
increasing market, with 86,417 extension option
days and 89 purchase options across both Dry
cargo and Tankers. 24 purchase options were in
the money as of quarter-end and can be declared
within the next two years at average strike prices
that are 22% below broker values.
The estimated net asset value (NAV) increased by
23% in H1 to DKK 466 per share, driven by the
strong appreciation in asset values. Our Capesize
investments continue to be a key driver of this
development, with average asset values for 5-year
old Capesize vessels rising by 27% Y/Y.
14
67
11 dry, 3 tankers
41 dry, 26 tankers
Furthermore, ten longer term TC-out fixtures have
been secured YTD to take long-term cover and
lock in earnings on vessels exposed to high market
volatility. All fleet activity is fully aligned with our
strategy launched earlier this year, focused on
reducing short-term exposure to market volatility
and strengthening long-term contracted earnings.
Future additions
Purchase options
NAV per share is supported by our share buyback
programme, as a reduced share count enhances
value for remaining shareholders. From the start
of the share buy-back programme in May, 508,150
shares have been acquired at an average price of
DKK 313 per share up until 6 August 2026.
41
89
Nine vessels have been sold YTD - three from the
owned fleet and six recently declared purchase
options. The vessels from the owned fleet were
two MR tankers and one Capesize vessel, and the
purchase options relate to four Panamax vessels
and two Supramax vessels. Sales gains of USD 18
million are expected to be realised in H2 2026.
41 dry, 0 tankers
64 dry, 25 tankers
Estimated net asset value1
NAV sensitivity
DKK per share
Amounts in USD million
Dry
Tankers
Total
625
Market value of owned vessels2
Estimated market value of leased vessels and cover (incl. purchase options)
Total portfolio value
Net financial position (incl. leases)3
Investments in newbuildings and secondhand vessels
Other net assets
1,029
299
121
249
370
1,150
548
545
In addition, we have YTD also signed ten new lease
agreements with purchase options, comprising
seven MPP vessels and three Handysize vessels.
Alongside the new leases, we have declared
purchase options on one MR tanker and three
Supramax vessels, which will join NORDEN’s
owned fleet of vessels in H2. We have YTD also
purchased ten Handysize vessels, including three
ice-class newbuildings. Several of the Handysize
vessels have open-hatch and box hold capabilities,
which make them particularly suited for specialised
cargoes, supporting NORDEN’s ability to serve
466
398
333
1,328
1,698
351
-295
220
Total NAV
1,974
466
NAV per share, DKK
-20%
-10%
NAV
end Q2
2026
+10%
+20%
Market value of owned vessels in excess of carrying amounts
161
47
208
1
NAV has from Q1 2025 been based on the entire Group, i.e. including the market value of current contracts in the operator segments, but no
value from future new activities.
The NAV estimate is sensitive to changes in market levels.
A 10% increase or decline in both asset values and forward
rates would lead to a NAV of DKK 398 or DKK 545 per share,
while a 20% increase or decline would lead to a NAV of DKK
333 or DKK 625 per share at the end of Q2 2026.
2
3
Including newbuildings under construction and declared purchase options.
Net financial position of cash, cash equivalents and term deposits of USD 378 million, interest-bearing debt of USD -282 million and
adjustments for non-cash borrowings of USD 255 million.
