The net profit for the Group amounted to USD 11 million (DKK 72 million) in Q1 2026, driven by strong Tanker performance but offset by weak results in Dry cargo. The value creation based on the return on invested capital (ROIC) has averaged 7.8% in the last twelve months.

NORDEN CEO, Jan Rindbo, comments:
“The Persian Gulf conflict is negatively affecting our Dry cargo operations, but the tanker market strengthened during the quarter with spot rates surging due to significant disruption to global oil flows. In combination with recent vessel sales, this led to an increase in full-year net profit guidance to USD 70 -140 million on April 28. NAV increased by 11% in the quarter to DKK 422 per share, underpinned by materially stronger underlying values driven by rising forward freight rates and asset prices.”