Danish shipping company Norden reported a net profit of US$54 million for the third quarter of 2026 on October 28, up from US$26 million in the same period last year.
The company attributed the result to strong markets and operating performance in its dry cargo and tanker businesses.
Operating cash flow for the quarter reached US$150 million, compared with US$96 million a year earlier.
Norden raised its full-year profit forecast to US$200–US250 million from US$180–US$230 million, citing its Q3 performance and expectations for the fourth quarter. The company had already lifted its guidance on October 6 from US$140–US$190 million.
The revised forecast includes US$79 million in gains from vessel sales, unchanged from the previous quarter. Norden said geopolitical uncertainty remained high and that the timing of voyages could shift some earnings into 2027.
CEO Jan Rindbo said the company would continue to use the flexibility of its business model to adjust its fleet and market exposure to customer needs and market opportunities.
During 2026, Norden expanded its core fleet with Handysize and multi-purpose vessels. It has also entered into long-term charter agreements for MR tankers and Capesize bulk carriers, which the company said would underpin future revenue and limit its exposure to market volatility.
Return on invested capital for the 12 months to the end of the third quarter was 11.8 per cent, against 10 per cent a year earlier. Group net profit for the same period was US$176 million.
Estimated net asset value per share has risen 38 per cent since the beginning of the year on higher portfolio values.
Norden will distribute US$24 million to shareholders for the quarter through a dividend and a new US$15 million share repurchase programme. The shares trade ex-dividend from October 30, and payment is expected on November 3.
