Annual Report 2020 - outstanding performance in challenging and volatile markets



  • Adjusted Result* full year 2020: USD 106 million (2019: USD 23 million)
    • Asset Management: USD 29 million (USD -3 million)
    • Dry Operator: USD 59 million (USD 8 million)
    • Tanker Operator: USD 18 million (USD 18 million)

* ”Profit/loss for the period” adjusted for “Profit/loss from sale of vessels, etc.

Outlook 2021

  • Following a very strong performance in 2020, a weak tanker market outlook leads to lower earnings expectations for 2021 and an expected Adjusted Result for 2021 in the range of USD 20 to 60 million. 

CEO Jan Rindbo in comment:

"NORDEN delivered an outstanding performance in challenging and volatile markets, achieving an Adjusted Result of USD 106 million in 2020 – the best group result in 10 years. The result reflects the recent transformation of our business model and strategy to an asset-light platform based on trading opportunities, using data as an asset and strengthening our customer focus. The Board of Directors recommends a dividend payment of DKK 9 per share in line with our dividend policy of returning minimum 50% of the annual Adjusted Result to our shareholders.”

Conference call and audiocast
A telephone conference as well as an audiocast will be held on 4 March 2021 at 10:30 a.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the Annual Report 2020. 

Participants can join the audiocast to view and listen to the live presentation, while conference call participants are able to ask questions at the end of the call. The audiocast will be recorded and made available on NORDEN's website subsequently.  The accompanying presentation will be available on NORDEN’s website prior to the conference call and audiocast.

It is requested that all conference call participants have joined the call by latest 10:25 a.m. (CET):

Audiocast link:

Dial in details for conference call:
Danish participants: 
(+45) 32720417

International participants:
UK:  (+44) (0) 2071 928338
USA:  (+1) 6467413167

Confirmation code:

Contact details: 
Thomas France, Investor Communications Partner
+45 2311 9505

Attached to this release is the NORDEN Annual Report 2020 as well as the full Company announcement including key figures for the full year and fourth quarter 2020.


Announcement no. 56
NORDEN Annual Report 2020

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