Denmark shipping firm Norden Q2 profit more than doubles on higher spot rates, raises outlook
Denmark shipping firm Norden Q2 profit more than doubles on higher spot rates, raises outlook
Overview
Denmark shipping firm's Q2 net profit more than doubled yr/yr to USD 101 mln
Company raised lower end and narrowed full-year net profit guidance
Company announced USD 34 mln Q2 shareholder payout via dividend and USD 25 mln buyback
Outlook
NORDEN raises and narrows 2026 net profit guidance to $140-190 mln from $120-190 mln
Company expects no further Strait of Hormuz closure costs for the remainder of 2026
Result Drivers
TANKER MARKET - Co said strong spot rates driven by Persian Gulf conflict and oil flow disruptions boosted Tanker unit results
DRY CARGO TURNAROUND - Dry cargo delivered a turnaround supported by resilient operational performance and successful fleet repositioning
ASSET VALUE APPRECIATION - Significant increase in NAV attributed to higher asset values
Company press release: ID:nWkr2wvnzt
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $101 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the marine freight & logistics peer group is "hold"
Wall Street's median 12-month price target for Dampskibsselskabet Norden A/S is DKK325.00, about 1.8% above its August 12 closing price of DKK319.40
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 17 three months ago
Reuters Recommended Reads
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Aug 11 - Himalaya Shipping Q2 prelim revenue reaches $53.3 mln
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)