Strong bulk market leads Norden to raises expectations again
(Posted on 01/07/21)
Following increases in dry cargo market rates and strong performance in the Dry Operator business unit, NORDEN has raised its expectations for the full-year 2021, Adjusted Result to USD 140-200 million (approximately DKK 870-1,250 million), up from USD 110-160 million.
The new guidance is based on continued increases in forward freight rates for Q3 and Q4 in the dry cargo market, which for Supramax and Panamax vessels have increased by about USD 10,000 per day since end of May, and by about USD 2,750 per day in just the last week.
The broader guidance range reflects the fact that earnings expectations are based on a currently large position held in a dry cargo market with unusually high volatility, and which is mainly based on unrealised future earnings.
CEO, Jan Rindbo said, “With significant rate increases in recent weeks and especially in the last few days, expected future earnings continue to increase based on Dry Operator’s long position (more tonnage than cargoes). The operational performance in our Dry Operator business unit enables us to continuously leverage the market volatility as well as the daily utilisation of vessels”, says Jan Rindbo, CEO of NORDEN.
From an earnings perspective, NORDEN’s two other business units, Asset Management and Tanker Operator, are developing in line with previously announced expectations. However, the portfolio values of Asset Management are increasing in line with higher dry cargo asset values and higher dry cargo forward rates.”
NORDEN was founded in 1871, making it one of the oldest internationally operating shipping companies.
Latest News
Torvald Klaveness consolidates groupwide digital solutions
(Posted on 31/03/25)Torvald Klaveness has announced the decision to consolidate all digital services under Klaveness Digital... Read more
INTERCARGO reaffirms call for simplicity as IMO climate talks intensify
(Posted on 31/03/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has renewed its call for straightforward... Read more
The Swedish Club reports strong 2024 results
(Posted on 31/03/25)The Swedish Club has delivered strong results for 2024, posting a USD 34 million profit and significantly... Read more
NORDEN adds two newbuilding Capesize leases with purchase options
(Posted on 27/03/25)In line with NORDEN’s positive long-term outlook for Capesize freight rates, the company have... Read more
Enhanced data collection for Western Bulk
(Posted on 27/03/25)OrbitMI, a global provider of maritime software and data products, has expanded its workflow capabilities... Read more
ClassNK appoints new President & CEO and Executive Vice President
(Posted on 27/03/25)Current ClassNK Senior Vice President Hayato Suga has been appointed as President & CEO as well... Read more
ASL sees continued surge in demand for Cape Size carriers
(Posted on 19/03/25)The surge in demand for Cape Size bulk carriers will continue for another six weeks, driven on by increased... Read more
Partnership to enhance compliance and emissions management
(Posted on 18/03/25)OrbitMI, a leading provider of maritime SaaS software, has announced that Istanbul-based Statu Shipping... Read more
INTERCARGO statement on loss of seafarers in Odesa bulker attack
(Posted on 18/03/25)“The International Association of Dry Cargo Shipowners (INTERCARGO) is deeply saddened by the... Read more
DNV white paper on adoption of ammonia and hydrogen fuels
(Posted on 18/03/25)As the shipping industry continues its transition to carbon-neutral fuels, ammonia and hydrogen are... Read more
