Interim report - second quarter and first half-year 2021

Second quarter and first half-year 2021

Investor film

Investor presentation

Presentation Q2 2021 (English)

NORDEN on track for best Annual Result in 11 years and increases guidance for full-year result

For the second quarter 2021, NORDEN reports an adjusted result of USD 32 million - the best quarterly result in six years, and is on track to deliver its best annual result in 11 years. 

NORDEN has capitalised on the incredibly strong dry cargo market during Q2, thanks to record-high exposure, ongoing positioning and the ability to generate margins through strong operator activity. In addition, NORDEN has benefitted from significant increases in the market value of owned and leased vessels in the Asset Management unit, rising by USD 258 million during Q2, and has actively converted part of this market value to profit through vessel sales, with USD 29 million positively impacting H2 in sales gains. 

NORDEN has positioned itself strongly to further capitalise on the exceptional dry cargo market. CEO, Jan Rindbo, comments: “We have built a very strong dry cargo position during the first half-year, which we will benefit from during the rest of the year, where we expect significantly stronger results. With recent increases in forward freight rates, this further adds to our strong outlook for dry cargo, and we, therefore, increase our guidance for the full-year Adjusted Result to between USD 140 – 220 million.”

Asset Management: Dry cargo portfolio value continues to increase - converting to sales gains
NORDEN’s Asset Management division - which handles buying, selling and leasing of vessels – reported an adjusted result for Q2 of USD 2 million. 
Asset Management is benefiting from increased exposure towards dry cargo. The value of the portfolio (owned and leased vessels) increased by USD 258 million in the second quarter alone. Asset Management is now actively converting this market value to profit through vessel sales and by entering into attractive time charter covers. Four dry cargo vessels have already been sold with approximately USD 29 million in profits to be realised in the second half of the year.

Dry Operator: Capitalising on high market exposure in a strong market
Dry Operator generated a result of USD 34 million dollars in Q2. As the dry cargo market took off earlier this year, the business unit quickly adjusted its exposure from a short position (meaning more cargoes than ships), to an extremely long one. Dry Operator is today operating a record-high average of 343 vessels, servicing growing customer demand and is very well positioned to further capitalise on the strong dry cargo market in H2. 

Tanker Operator: Adding optionality for medium-term improvements
As the Covid-19 pandemic continues to impact global oil demand, Tanker Operator has been working to mitigate exposure to a historically low tanker market, reporting a Q2 result of USD -4 million. 
Tanker Operator has further grown its commercial management services, with 10 vessels from International Seaways added to NORDEN’s pool management. 
Improvement in the tanker market is expected to be slow and gradual, but Tanker Operator is positioning for recovery in the medium-term, chartering vessels at low market rates with optionality. 

Conference call and audiocast

A telephone conference as well as an audiocast will be held on 18 August at 10:30 a.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the interim report for the second quarter and first half-year 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:



More information

You can find all relevant documents in Reports and presentations