Danish carrier Norden has made yet another upward adjustment to the full-year result, reporting progress across the entire business.
Norden has once again upgraded expectations for the 2022 financial result.
On Friday morning, the Danish tanker and dry cargo operator has done so for the sixth time this year.
The publicly listed company now expects to land a bottom line of USD 730-780m, coming from previous guidance of USD 650-730bn.
Norden writes that progress has been made across the entire business basically, which also includes logistics besides oil and dry bulk.
2022 has been an extraordinary year in the market for sea freight of refined oil products such as diesel, gasoline and other types of fuel.
Sanctions targeting Russia following the invasion of Ukraine mean that many Western countries have stopped buying Russian oil, replacing it with oil from the Middle East and other places located further away from Europe.
This leads to longer and more frequent voyages, resulting in exploding income for oil carriers such as Norden.
The progress also comes to the benefit of stakeholders.
A November overview conducted by WPO showed that the four major product tanker operators Norden, Torm, Hafnia and Scorpio Tankers plan to send approx. DKK 5.2bn back into investor pockets.
Heydays are expected to continue next year when the European Union as of February bans seaborne imports of all Russian oil products.
