NORDEN - 2026 guidance upgraded on stronger tanker rates and additional vessel sales

NORDEN has upgraded its FY 2026 net profit guidance to USD 70–140m (previously USD 30–100m), driven by a strengthening of the tanker market following the Iran conflict and additional vessel sales executed year-to-date. Alongside the upgrade, NORDEN released preliminary Q1 2026 figures showing Group net profit of USD 11m (DKK 72m), with a strong tanker performance largely offset by a loss in dry cargo. The full Q1 2026 interim report follows on 6 May 2026.

The guidance upgrade comes a little over two months after NORDEN's initial 2026 outlook was issued alongside the FY2025 results in early February. The original USD 30–100m guidance reflected an expected step-down from the USD 120m delivered in 2025 (which itself included USD 70m of vessel sale gains), with management pointing to a softer dry cargo market and a more normalised tanker market in H2 as the key drags. Since then: 1) the Iran conflict has disrupted global oil flows and tightened tanker spot markets, and 2) NORDEN has accelerated its asset-sales, selling seven vessels YTD (three owned - two MR tankers, one Capesize) and four declared purchase options (two Panamax, two Supramax). As a result, signed-and-agreed sales gains for 2026 now stand at USD 64m, up from the USD 20m embedded in the original guidance.

The upgraded USD 70–140m range moves closer to the USD 120m net result delivered in 2025, with tankers continuing to drive earnings while dry cargo works through a weak start to the year. The pre-announced Q1 2026 figures show Tanker EBIT of USD 47.3m, reflecting surging spot rates after the Iran conflict disrupted global oil flows - a tailwind management expects to remain supportive through 2026, although its durability depends on how flows through the Strait of Hormuz evolve. Dry cargo posted a USD -45m EBIT loss in Q1, weighed down by charter costs, Iran-related operational and insurance costs, and vessel repositioning that management expects to start paying off from Q2.

The new guidance range has increased USD 40m, roughly equal to the rise in asset sale profits. The full Q1 2026 report on 6 May will give greater insight into underlying tanker and dry cargo market conditions and how they shape NORDEN's positioning for the rest of the year. We also note that additional vessel sale profits, from the portfolio of in-the-money purchase options will likely be in addition to existing guidance. 

NORDEN will present its Q1 2026 results on 6 May 2026 at 10:30 CEST, where you can ask questions to NORDEN CEO Jan Rindbo and CFO Martin Badsted. Sign up here: https://www.inderes.dk/videos/norden-presentation-of-the-quarterly-report-for-q1-2026

Disclaimer: HC Andresen Capital receives payment from NORDEN for a digitalIR/corporate visibility subscription agreement. / 16:15 Philip Coombes 28/04/2026