Interim report - first quarter 2022

Q1 2022: NORDEN WITH STRONG START TO THE YEAR

NORDEN CEO, Jan Rindbo, comments:

“Great Q1 result based on strong performances in both business units as we continue to capture value in the dry cargo market through vessel sales, profitable cover and by utilising regional market volatility. By shifting our market exposure from dry cargo to tankers, combined with excellent vessel positioning towards a much-improved tanker market in recent weeks, NORDEN expects a full-year result between USD 270-350 million”.

Group highlights

• Profit for Q1 2022 of USD 117 million, with strong performance in both business units
• Continued to capture value in volatile dry cargo market 
• Shifting exposure towards a quickly recovering product tanker market
• Guidance: Profit for the year between USD 270-350 million 

(incl. sales gains of USD 28 million from already sold vessels)

Business unit highlights

ASSETS & LOGISTICS (Q1 2022: Profit of USD 41 million)

• Realised gains on strong dry cargo market through asset trading and cover

•   Market value of portfolio at USD 1,238 million

FREIGHT SERVICES & TRADING (Q1 2022: Profit of USD 76 million)

• Secured strong margins amid high market volatility through increased exposure on the right vessel types, and regional arbitrage across Atlantic/Pacific markets

•   High exposure to a stronger product tanker market means increased forward values.