NORDEN raises 2026 outlook on tanker strength and vessel sales

NORDEN has upgraded its full-year 2026 net profit guidance to USD 70–140 million, up from the previous range of USD 30–100 million, supported by a stronger tanker market and gains from vessel sales.

The company reported a net profit of USD 11 million for the first quarter of 2026. Strong tanker performance drove results, while the dry cargo segment posted losses.

EBIT in the tanker division reached USD 47.3 million before lease accounting effects. In contrast, the dry cargo unit reported a loss of USD 45.0 million.

The tanker segment benefited from rising spot rates. Disruptions to global oil flows linked to tensions in Iran supported demand and reshaped trade patterns. The company expects tanker earnings to remain strong, although the outlook depends on developments in the Strait of Hormuz.

The dry cargo business faced a challenging quarter. Higher charter costs, increased insurance expenses and operational disruptions weighed on performance. Fleet repositioning costs also impacted results but are expected to generate value in the coming months.

NORDEN expects gradual improvement in the dry cargo segment over the rest of the year.

The company also continued to execute its asset strategy. It has sold seven vessels so far in 2026, including two MR tankers and one Capesize vessel from its owned fleet, along with four vessels through exercised purchase options.

As a result, expected gains from vessel sales have increased to USD 64 million for the full year, up from USD 20 million previously.

“The tanker market strengthened towards the end of the quarter with spot rates surging due to disruption to global oil flows linked to the conflict in Iran,” said Jan Rindbo, CEO of NORDEN. “In combination with recent vessel sales, this leads to higher expected earnings for the year.”

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