October 30, Danish shipping giant Norden announced its third-quarter results. While achieving consecutive profits, the company also welcomed the external positive development of China and the US suspending port surcharges for one year, injecting a note of optimism into the shipping market.
During the reporting period, Norden achieved a net profit of $26 million (approximately 166 million Danish kroner), primarily benefiting from the strong performance of its asset management business and gains from vessel sales. The company also announced it would maintain its previously raised full-year profit forecast and continue to reward shareholders through dividends and share buybacks.
NORDEN stated that the third-quarter performance was mainly driven by stable operational income from the Asset Management department and gains from vessel sales. The company’s cumulative net profit for the first three quarters reached $111 million, of which operational business contributed $43 million, while gains from vessel sales amounted to as much as $68 million.
Benefiting from rising asset prices and forward freight rates, the company’s net asset value (NAV) per share climbed to 362 Danish kroner, reflecting its potential for growth during the market upcycle.
NORDEN sold 22 vessels in the first nine months of 2025, 15 of which were sold through announced purchase options. Concurrently, the company purchased one vessel within the year and signed 22 new lease agreements with purchase options, further optimizing its asset portfolio structure.
NORDEN raised its full-year profit forecast in an announcement on October 28 and maintained this target in the latest financial report. The company expects its full-year 2025 net profit to be between $100 million and $140 million, higher than the previously forecasted range of $70 million to $130 million. This adjustment reflects the company’s confidence in future market trends and its own operational performance.
Easing China-US Relations, Resurgent Soybean Trade Boosts Market Sentiment
On the same day Norden announced its results, China and the US announced the suspension of their respective port surcharge measures, and new trade signs emerged—China resumed purchasing US soybeans. Norden CEO Jan Rindbo revealed in an interview that even before the agreement was officially announced, the company had received inquiries for shipping soybeans from the US to China. “In fact, from market movements, we had already sensed that soybean trade between the two countries was likely to restart.”
However, he also noted that China had previously made substantial soybean purchases from South America, and current domestic inventory levels are high, so the volume of subsequent purchases remains to be seen. China’s preference for South American supply had extended the grain shipping season in the South Atlantic during the third quarter, supporting regional dry bulk shipping demand.
Rindbo stated: “Trade barriers are not good for the global economy or the shipping industry. Seeing a temporary easing of tensions is undoubtedly encouraging. After all, the shipping industry is always at the forefront of geopolitical developments.”
IMO Postpones Vote, Pace of Green Transition Constrained
Apart from trade policy, another focus for the shipping industry is the postponement of the vote on the International Maritime Organization (IMO) “Net-Zero Framework.” This framework aims to establish greenhouse gas reduction targets for 2050 and is seen as a crucial step in promoting the industry’s low-carbon transition.
Rindbo believes that while the vote delay does not affect Norden’s strategic direction, it signifies a slowdown in the overall industry transition. “We will still fully advance our own decarbonization plans, focusing on the promotion of biofuels and improving vessel operational efficiency,” he said.
He also pointed out that without a carbon pricing mechanism or mandatory legislation, the pace of decarbonization in the global shipping industry is difficult to accelerate. “This delay is regrettable—shipping had the opportunity to be the first industry to achieve a globally unified emission reduction mechanism.”
It is worth noting that Norden has not followed some peers in investing in dual-fuel vessels or large-scale green projects. Instead, it has adopted a more pragmatic route, focusing on a low-carbon strategy centered on biofuels and efficiency improvements, thereby avoiding high capital expenditure risks.
