Read the latest NORDEN Investment Case following the Q2 2026 results, where the dry cargo and tanker shipping company reported a net profit of USD 101 million, bringing H1 to USD 112 million. The result was driven by continued strength in the Tanker segment, where combined EBIT reached USD 81 million (+151% Y/Y) on MR spot rates up 63% Y/Y, while the Dry Cargo segment swung to a combined EBIT of USD 7.5 million (from USD -45 million in Q1 2026) as Atlantic markets firmed and Supramax spot rates rose 71% Y/Y. The USD 30 million of Persian Gulf costs are fully recognized in H1, with all chartered vessels having left the Gulf by end-June.

NORDEN continued its quarterly shareholder distributions with an interim dividend of DKK 2 per share and an ongoing USD 25 million share buyback programme, having repurchased 508,150 shares at an average of DKK 313 since May, maintaining its policy to distribute at least 50% of annual profit. The company's Net Asset Value (self-reported) increased 10% quarter-on-quarter to DKK 466 per share (+23% YTD), implying a ~0.7x P/NAV discount to the current share price.

Following the Q2 results, NORDEN upgraded its full-year 2026 net profit guidance to USD 140–190 million (previously USD 120–190 million), driven by already-signed vessel sale gains of USD 79 million, of which USD 18 million remains to be booked in H2 from nine vessels already sold.

Learn more by watching NORDEN's Q2 2026 results presentation, where management discusses the quarter's performance, updated guidance, and strategic developments.

Link: NORDEN Q2 2026 event

Disclaimer: HC Andersen Capital receives payment from NORDEN for a Digital IR / corporate visibility subscription agreement. /Rasmus Køjborg and Jacob Frehr, 18.08.2026, 15:00