NORDEN CEO, Jan Rindbo, comments:
“NORDEN generated a profit of USD 33 million in the first quarter of 2025 due to good coverage in significantly weaker markets. To capitalise on the continued high asset values, we have during the quarter sold nine vessels, of which three were from declared purchase options. As a result of the significant sales gains, we upgraded our full-year net profit guidance on April 25 to USD 50-130 million.”
Net profit for the Group amounted to USD 33 million (USD 62 million) in the first quarter of 2025 including USD 3 million (USD 55 million) in sales gains.
Improved financial performance, excluding sales gains, driven by margin recovery in the Freight Services & Trading unit.
NORDEN’s estimated Net Asset Value (NAV) was DKK 372 per share by end of Q1 2025.
Return on invested capital (ROIC) in the last twelve months (LTM) was 11% (26%).
In line with NORDEN’s pay-out policy, the Board has decided to return USD 17 million through an interim dividend of DKK 2 per share and a new share buy-back programme of USD 7 million, which will run until the beginning of August 2025.
The 2025 full-year guidance that was upgraded as per Company announcement no. 80 on April 25 is maintained. As such, we expect a net profit in the range of USD 50–130 million (previously USD 20–100 million). This includes gains from sale of vessels of USD 45 million (previously USD 16 million).
The Asset Management unit is expected to continue to generate stable operating earnings from high coverage.
In the Freight Services & Trading unit, margins in the dry operator activities are expected to be tight, although at a higher level compared to 2024. Margins in the tanker operator activities are likely to decline compared to 2024.
By end of April 2025, NORDEN had a long position of 5,700 open tanker vessel days and a short position of 3,900 vessel days in dry cargo, across both business units for the remainder of 2025.
Source: NORDEN
