Interim report - second quarter 2022

Q2 2022: NORDEN delivers phenomenal Q2 result

NORDEN CEO, Jan Rindbo, comments

“Fantastic second quarter result based on a significant shift in market exposure from dry cargo to product tankers. This has enabled NORDEN to capitalise on the exceptional product tanker rates, while also generating value in a weakening dry cargo market from an extensive cargo and cover portfolio. This highlights our trading ability and proactive risk management, which enables us to create value in both rising and falling markets”. 

Group highlights

· Profit of USD 179 million – fantastic group result

· Significant shift in market exposure from dry cargo to product tankers

· Capitalising on extraordinary margins in product tanker market

· Well positioned to capitalise on falling dry cargo rates, while ensuring downside protection and full coverage for 2022-23 in Assets & Logistics

· Considerable increase in Assets & Logistics NAV – now at DKK 377

· Profit for the year between USD 560-640 million

· Interim dividend of DKK 30 per share / New share buyback of USDm 40