Danish shipowner Norden has upped its profit guidance for 2026 to a range of $120 – $190 million powered by dry bulk markets. The new profit guidance compares to a range of $70 – $140 million for the year previously.
The company said that while it had incurred higher costs to reposition its dry bulk fleet to the Atlantic Basin in the first quarter this had paid off in terms of higher freight rates as expected in the second quarter.
“In addition, following several months of disruption around the Strait of Hormuz, all chartered vessels stuck in the Persian Gulf have now safely passed through the strait. This positive development reduces the expected cost impact compared to the provision previously included in the full-year estimate,” the company said.
Norden is also selling vessels to take advantage of high prices in the current market and expects a $79 million gain from these transactions in 2026. The company has sold two MR tankers and one Capesize from its owned fleet and purchase options for four Panamaxes and two Supramaxes.
Norden CEO, Jan Rindbo, commented: “We are pleased to see stronger operational performance, supported by the benefits of earlier fleet repositioning and a reduced cost impact from the disruption in the Persian Gulf. At the same time, we continue to realise high asset values through the declaration of purchase options and vessel sales.”