The Danish shipping company Norden is significantly raising its profit forecast for 2026. The main factors behind this are the strong bulk cargo business, reduced costs in the Persian Gulf and additional vessel sales.
Norden has raised its forecast for net profit for the full year 2026 to between US$120 million and US$190 million. The company had previously expected net profit of between US$70 million and US$140 million. The company states that this is due to improved operational performance in the dry bulk business, lower costs resulting from delays in the Persian Gulf, and additional vessel sales.
In the first quarter, the dry cargo division had incurred costs to redeploy its fleet to the Atlantic region, as higher freight rates were anticipated there. According to Norden, this investment paid off in the second quarter, when freight rates in the Atlantic did indeed rise.
Furthermore, following several months of disruption around the Strait of Hormuz, all chartered vessels stranded in the Persian Gulf have now been able to pass safely through the strait. As a result, the expected costs are lower than the provisions that had previously been factored into the annual forecast.
In addition to the improved operational performance, Norden continues to benefit from high vessel values. Since the start of the year, the company has sold nine vessels – three from its own fleet and six units for which purchase options had previously been exercised. Two MR tankers and one Capesize bulker were sold from the company’s own fleet. The other sales relate to four Panamax and two Supramax vessels. For the full year 2026, Norden now expects capital gains from transactions already signed to amount to US$79 million, having previously forecast US$64 million.
