Interim report - first quarter 2021


On 6 May 2021, NORDEN published its first quarter 2021 results.

You can find the report and all relevant information below.

Q1 2021: NORDEN builds substantial value in Q1 and raises guidance for 2021

NORDEN is well-positioned to capitalise on a historically strong dry cargo market through significant increases in fleet values and by building strong positions for the remainder of 2021. 

For Q1 2021, NORDEN reports an Adjusted Result of USD -6 million (Q1 2020: USD 29 million) and raises its guidance for the Adjusted Annual Result to USD 75-125 million, based on a strong performance in the Dry Operator business unit, which is expected to bring significantly increased earnings in the remainder of 2021. 

The strong dry cargo market has led to an increase in the value of NORDEN’s portfolio of USD 106 million in Q1.

CEO Jan Rindbo says: “NORDEN raises its guidance for the year to USD 75-125 million, expecting significantly higher earnings from Q2 onwards. The Q1 result should be seen in light of the substantial increase in the market value of NORDEN’s fleet as well as the strong position created in Dry Operator in a soaring dry cargo market. This will benefit earnings significantly during the rest of 2021”.

Read full announcement


Conference call and audiocast

A telephone conference as well as an audiocast will be held on 6 May at 10:30 a.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the interim report for the first quarter 2021. 

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.

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:


First quarter 2021

Investor film

Investor presentation

Presentation Q1 2021 (English)

More information

You can find all relevant documents in Reports and presentations