ANNOUNCEMENT NO. 189 – 13 August 2026  
INTERIM REPORT  
SECOND QUARTER AND  
FIRST HALF-YEAR 2026  
DAMPSKIBSSELSKABET NORDEN A/S  
52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK  
CVR NUMBER 67758919  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
2
HIGHLIGHTS — SECOND QUARTER 2026  
Group results  
Business highlights  
Guidance  
•
Net profit for the Group increased significantly  
to USD 100.8 million (USD 52.0 million), driven  
by strong Tanker earnings, profitable asset sales  
and a much improved Dry cargo performance.  
•
Despite the cost impact from the closure of the  
Strait of Hormuz, Dry cargo delivered a turnaround  
supported by resilient operational performance and  
successful fleet repositioning.  
•
In light of the continued good performance  
over the summer, we raise the lower end and  
narrow our full-year net profit guidance to  
USD 140–190 million (previously USD 120–190  
million). This includes vessel sales gains of USD  
79 million.  
•
Net asset value (NAV) increased 23% since start  
of the year to DKK 466 per share, driven by the  
significant appreciation in asset values.  
•
•
Tanker continued to benefit from strong spot rates  
driven by the Persian Gulf conflict and the resulting  
disruption to global oil flows.  
•
•
Looking into the remainder of 2026, the tanker  
market is expected to remain volatile due to the  
geopolitical uncertainty and trade disruption.  
•
•
Return on invested capital (ROIC) increased to  
10.9% in the last twelve months (LTM) (10.3%).  
By June-end, all NORDEN chartered vessels  
had safely passed through the strait, and thus  
no additional related costs are expected for the  
remainder of the year.  
In Dry cargo, the benefits from the earlier  
Second quarter distribution of USD 34 million  
through an interim dividend of DKK 2 per share  
and a new share buy-back programme of USD  
25 million.  
repositioning investments started to materialise  
in Q2, supporting a gradual improvement that is  
expected to continue over the coming quarters.  
•
•
Nine vessels sold YTD - three owned vessels and six  
recently declared purchase options.  
•
The safe transit of all NORDEN chartered vessels  
out of the Persian Gulf by the end of June has  
reduced the expected full-year cost impact and  
no additional related costs are assumed for H2  
2026.  
In line with our strategy to build more resilient  
earnings, 20 vessels have been added YTD to our  
core fleet in the Handysize and MPP segments,  
including three ice-class newbuildings.  
•
Anne Sofie Staunsbæk Veyhe has been appointed  
CFO, effective 26 October 2026, while the current  
CFO Martin Badsted transitions to the role of Chief  
Strategy Officer.  
Group net profit increased significantly to USD 101 million in Q2 2026, driven by an exceptionally strong tanker market and a turnaround in  
the Dry cargo business unit. At the same time, strong asset values drove a 23% increase in NAV since the beginning of the year to DKK 466  
per share. Reflecting the stronger outlook, we raise the lower end and narrow our full-year net profit guidance to USD 140 – 190 million.  
CEO Jan Rindbo  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
3
KEY FIGURES & FINANCIAL RATIOS  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amounts in USD million  
2026  
2025  
2026  
2025  
2025  
2026  
2025  
2026  
2025  
2025  
Income statement  
Environmental and social figures  
EEOI (gCO2/tonnes-mile)  
Revenue  
1,047.4  
167.3  
41.9  
780.2  
119.2  
37.8  
1,860.9  
266.2  
60.8  
1,579.2  
255.6  
41.1  
3,125.7  
483.5  
70.3  
8.5  
1.5  
8.4  
0.0  
8.5  
0.8  
8.4  
0.0  
8.5  
0.0  
Contribution margin  
LTIR (days per million working hours)  
Average number of employees (FTEs)1  
Share of least represented gender  
Profit/loss from sale of vessels, etc.  
463  
39%  
474  
38%  
463  
39%  
472  
39%  
473  
39%  
EBITDA  
179.3  
-66.1  
113.2  
-7.8  
130.9  
-71.4  
59.5  
272.1  
-136.4  
135.7  
-16.7  
245.6  
-147.7  
97.9  
454.3  
-295.8  
158.4  
-19.6  
Depreciation, amortisation and impairment losses, net  
Share-related key figures and financial ratios  
Number of shares of DKK 1 each (incl. treasury shares)  
Number of treasury shares  
EBIT  
30,000,000 31,000,000 30,000,000 31,000,000 31,000,000  
2,222,025 1,841,904 2,222,025 1,841,904 2,361,499  
Financial items, net  
Profit for the period  
-2.8  
-5.8  
100.8  
52.0  
112.0  
84.5  
120.3  
Earnings per share (EPS), DKK2  
23.2  
23.1  
11.7  
11.7  
25.5  
25.4  
19.6  
19.6  
27.1  
27.1  
Statement of financial position  
Total assets  
Diluted earnings per share (diluted EPS), DKK2  
Book value per share (excluding treasury shares), DKK2  
Share price at end of period, DKK  
2,598.7  
281.7  
2,247.4  
301.6  
2,598.7  
336.2  
2,247.4  
388.1  
2,371.6  
804.7  
312.8  
274.8  
0.9  
287.3  
201.2  
0.7  
312.8  
274.8  
0.9  
287.3  
201.2  
0.7  
283.4  
252.0  
0.9  
Investments in property, plant and equipment  
Equity  
1,324.7  
1,274.0  
188.6  
1,315.9  
931.5  
1,324.7  
1,274.0  
188.6  
1,315.9  
931.5  
1,277.7  
1,093.9  
180.9  
Price/book value, DKK  
Liabilities  
Other key figures and financial ratios  
Gross margin  
Net working capital  
Invested capital  
121.3  
121.3  
16.0%  
17.1%  
10.9%  
11.3%  
51.0%  
41,767  
466.1  
656.0  
642.7  
15.3%  
28.3%  
10.3%  
10.5%  
58.6%  
36,151  
337.5  
636.6  
658.4  
14.3%  
11.5%  
10.9%  
11.3%  
51.0%  
80,332  
466.1  
656.0  
640.5  
16.2%  
26.0%  
10.3%  
10.5%  
58.6%  
73,261  
337.5  
636.6  
684.9  
15.5%  
8.3%  
1,752.7  
428.0  
1,595.8  
279.9  
1,752.7  
428.0  
1,595.8  
279.9  
1,659.4  
381.7  
EBIT % of TCE  
ROIC 3  
ROE3  
Net interest-bearing debt  
Cash and cash equivalents  
8.9%  
116.7  
279.8  
116.7  
279.8  
382.1  
9.3%  
Statement of cash flows  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Free cash flow  
Equity ratio  
53.9%  
147,944  
378.8  
635.3  
662.0  
30.6  
-99.9  
-132.1  
-126.4  
8.9  
109.5  
-50.6  
-75.9  
-26.9  
8.9  
202.3  
-222.3  
-242.3  
59.5  
222.2  
-21.5  
-194.4  
28.6  
378.2  
-41.4  
-228.0  
170.4  
35.5  
Total number of vessel days  
Net asset value per share, DKK  
USD/DKK rate at end of the period  
USD/DKK average rate for the period  
Dividends distributed  
17.6  
17.6  
For full definitions, please refer to the ”Alternative performance measures”, ”Key figures and financial ratios” and ”ESG accounting policies”  
sections within the 2025 Annual Report.  
Share buy-back  
22.8  
7.7  
42.9  
23.3  
42.6  
1
Updated FTE measure to align with the CSRD interpretation of own employees.  
2
Converted at the USD/DKK rate at end of period.  
3
Figures are last 12 months.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
4
GROUP FINANCIAL REVIEW  
Cash flow from investing activities was USD -99.9  
The equity ratio was 51.0% and equity increased  
to USD 1,324.7 million from USD 1,277.7 million  
at year-end 2025. The increase reflects the  
positive net profit for the period, partly offset by  
shareholder distributions, share buy-backs and  
other comprehensive income.  
Earnings  
Capital structure  
million in Q2 2026 (USD -50.6 million), primarily  
reflecting placements in term deposits which  
are presented as investing cash flows, while  
investments in vessels and newbuildings were  
partly offset by proceeds from vessel sales.  
The time charter equivalent revenue (TCE)  
increased to USD 662.9 million in Q2 2026  
from USD 462.7 million in Q2 2025, driven by  
increased activity in both Dry Cargo and Tankers.  
Contribution margin increased to USD 167.3  
million (USD 119.2 million).  
NORDEN maintains a strong financial position  
characterised by low leverage and significant  
financial flexibility. Net interest-bearing debt  
amounted to USD 428.0 million at the end of  
Q2 2026 (USD 381.7 million at year-end 2025),  
primarily reflecting lease liabilities related to the  
chartered fleet, while NORDEN continued to  
maintain a strong liquidity position with total cash,  
cash equivalents and term deposits of USD 377.6  
million (USD 382.1 million at year-end 2025).  
Cash flow from financing activities amounted to  
USD -132.1 million (USD -75.9 million), primarily  
reflecting share buy-backs, dividend distributions,  
lease-related payments and interest payments.  
ROIC and Total Invested Capital  
Group EBIT increased to USD 113.2 million in Q2  
2026 compared to USD 59.5 million in Q2 2025,  
primarily reflecting the exceptionally strong tanker  
market, which resulted in significantly higher  
operating earnings. Gains from sale of vessels  
remained strong at USD 41.9 million (USD 37.8  
million).  
NORDEN delivered a return on invested capital  
(ROIC) after tax of 10.9% in Q2 2026 (10.3%).  
Invested capital increased to USD 1,752.7 million  
from USD 1,659.4 million at year-end 2025.  
Free cash flow amounted to USD -126.4 million  
in Q2 2026 (USD -26.9 million), reflecting timing  
effects from working capital movements and  
placements in term deposits.  
At the end of Q2 2026, NORDEN had committed  
credit facilities of USD 180.0 million, of which USD  
100.0 million were directly accessible.  
113  
Net profit increased to USD 100.8 million in Q2  
2026 from USD 52.0 million in Q2 2025, in line  
with the strong operating performance during the  
quarter.  
EBIT for the period  
Net Profit for the period  
Return on invested capital  
101  
USD million  
USD million  
%
17%  
11  
Cash flow statement  
60  
10  
10  
9
Operating cash flow amounted to USD 30.6 million  
in Q2 2026 compared to USD 109.5 million in Q2  
2025. The decrease was primarily driven by timing  
effects from working capital movements. On a half-  
year basis, operating cash flow remained broadly in  
line with the prior year at USD 202.3 million (USD  
222.2 million).  
8
13%  
38  
52  
8%  
23  
23  
26  
11  
10  
4%  
4%  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
EBIT  
EBIT % of TCE  
Note: Numbers based on last twelve months  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
5
NORDEN Group core fleet Q2 2026  
GROUP FLEET OVERVIEW AND NET ASSET VALUE  
Fleet update  
customers with more flexible and tailored solutions.  
The three new ice-class vessels will increase  
our ability to serve customers requiring reliable  
transport to regions affected by ice conditions  
and support the long-term COA with the Swedish  
mining company LKAB.  
Net asset value and share buy-backs  
Owned vessels  
Long-term leases  
Asset prices remain strong and NORDEN’s large  
portfolio provides significant value upside in an  
increasing market, with 86,417 extension option  
days and 89 purchase options across both Dry  
cargo and Tankers. 24 purchase options were in  
the money as of quarter-end and can be declared  
within the next two years at average strike prices  
that are 22% below broker values.  
The estimated net asset value (NAV) increased by  
23% in H1 to DKK 466 per share, driven by the  
strong appreciation in asset values. Our Capesize  
investments continue to be a key driver of this  
development, with average asset values for 5-year  
old Capesize vessels rising by 27% Y/Y.  
14  
67  
11 dry, 3 tankers  
41 dry, 26 tankers  
Furthermore, ten longer term TC-out fixtures have  
been secured YTD to take long-term cover and  
lock in earnings on vessels exposed to high market  
volatility. All fleet activity is fully aligned with our  
strategy launched earlier this year, focused on  
reducing short-term exposure to market volatility  
and strengthening long-term contracted earnings.  
Future additions  
Purchase options  
NAV per share is supported by our share buyback  
programme, as a reduced share count enhances  
value for remaining shareholders. From the start  
of the share buy-back programme in May, 508,150  
shares have been acquired at an average price of  
DKK 313 per share up until 6 August 2026.  
41  
89  
Nine vessels have been sold YTD - three from the  
owned fleet and six recently declared purchase  
options. The vessels from the owned fleet were  
two MR tankers and one Capesize vessel, and the  
purchase options relate to four Panamax vessels  
and two Supramax vessels. Sales gains of USD 18  
million are expected to be realised in H2 2026.  
41 dry, 0 tankers  
64 dry, 25 tankers  
Estimated net asset value1  
NAV sensitivity  
DKK per share  
Amounts in USD million  
Dry  
Tankers  
Total  
625  
Market value of owned vessels2  
Estimated market value of leased vessels and cover (incl. purchase options)  
Total portfolio value  
Net financial position (incl. leases)3  
Investments in newbuildings and secondhand vessels  
Other net assets  
1,029  
299  
121  
249  
370  
1,150  
548  
545  
In addition, we have YTD also signed ten new lease  
agreements with purchase options, comprising  
seven MPP vessels and three Handysize vessels.  
Alongside the new leases, we have declared  
purchase options on one MR tanker and three  
Supramax vessels, which will join NORDEN’s  
owned fleet of vessels in H2. We have YTD also  
purchased ten Handysize vessels, including three  
ice-class newbuildings. Several of the Handysize  
vessels have open-hatch and box hold capabilities,  
which make them particularly suited for specialised  
cargoes, supporting NORDEN’s ability to serve  
466  
398  
333  
1,328  
1,698  
351  
-295  
220  
Total NAV  
1,974  
466  
NAV per share, DKK  
-20%  
-10%  
NAV  
end Q2  
2026  
+10%  
+20%  
Market value of owned vessels in excess of carrying amounts  
161  
47  
208  
1
NAV has from Q1 2025 been based on the entire Group, i.e. including the market value of current contracts in the operator segments, but no  
value from future new activities.  
The NAV estimate is sensitive to changes in market levels.  
A 10% increase or decline in both asset values and forward  
rates would lead to a NAV of DKK 398 or DKK 545 per share,  
while a 20% increase or decline would lead to a NAV of DKK  
333 or DKK 625 per share at the end of Q2 2026.  
2
3
Including newbuildings under construction and declared purchase options.  
Net financial position of cash, cash equivalents and term deposits of USD 378 million, interest-bearing debt of USD -282 million and  
adjustments for non-cash borrowings of USD 255 million.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
6
DRY CARGO MARKET  
The dry cargo market extended its strong performance into Q2 2026,  
with both the geared and non-geared segments delivering robust  
earnings throughout the quarter. Coal trades were a key driver, as  
elevated oil and gas prices prompted a clear substitution effect and  
lifted seaborne coal volumes across the main importing regions.  
Bauxite exports out of Guinea also continued at a high level for most  
of the period, providing further support to tonne-mile demand, before  
easing somewhat in the final weeks of the quarter as seasonal and  
operational factors weighed on flows.  
Sentiment was additionally supported by the reduction in downside  
risk tied to the Middle East.  
Looking ahead, the outlook for the remainder of 2026 is constructive,  
but still highly uncertain and depends on the status of the Strait of  
Hormuz. Freight rates are expected to stay at robust levels across  
the main segments, supported by firm commodity demand and a  
tight supply-side backdrop. Coal is likely to continue to benefit from  
the elevated energy price environment, while a diminished tail risk  
around Hormuz further improves the risk-reward picture. However,  
the situation remains fluid and downside risks have not disappeared  
as broader macroeconomic developments and the evolving energy  
landscape still warrant close monitoring. Overall, the balance of risks  
still appears slightly more favourable than in the previous quarter.  
The asset market maintained its upward trajectory, with vessel  
values rising by a further 5–10% during the quarter. This continued  
appreciation reflects the same structural fundamentals that have  
underpinned the market throughout the past year: constrained yard  
capacity, a limited orderbook and an ageing global fleet. Combined  
with resilient earnings, these factors have reinforced buyer conviction  
and sustained a firm tone across the sale and purchase market.  
Spot rates Supramax  
Asset values  
Fleet age vs. orderbook  
Tonne-mile growth  
USD thousands / day  
USD million  
DWT million  
%
9
30  
25  
20  
15  
10  
5
80  
70  
60  
50  
40  
30  
20  
180  
150  
120  
90  
6
3
0
60  
-3  
-6  
30  
0
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  
Q1  
2025  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Orderbook  
Fleet over 20 years age  
2024 2024 2024 2025 2025 2025 2025 2026 2026  
2024  
2025  
2026  
Capesize  
Supramax  
Source: Baltic Exchange  
Average Supramax spot rates increased 71% Y/Y  
Source: VesselsValue  
Source: Clarksons  
Source: AXS dry  
Average Capesize asset values increased 27% Y/Y  
Average Supramax asset values increased 14% Y/Y  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
7
Dry cargo business unit key figures  
DRY CARGO FINANCIAL REVIEW  
Despite cost impact from vessels stuck in the Persian Gulf, Dry cargo delivered a turnaround supported  
by resilient operational performance and the benefits of earlier fleet repositioning.  
USD million  
Q2 2026 Q2 2025  
LTM  
T/C equivalent revenue  
P/L from sale of vessels  
EBIT  
533.9  
14.3  
376.4  
19.7  
1,730.2  
37.6  
7.5  
17.6  
-43.9  
EBIT % of TCE  
EBIT per day (USD)1  
1.4%  
354  
4.7%  
443  
-2.5%  
-267  
No. vessel days  
32,477  
27,110  
116,641  
1
Excl. Logistics  
Earnings  
compared with USD 26.4 million last year. This includes USD 14.3  
million in gains from vessel sales.  
Segment performance metrics  
Despite being negatively affected by operational and insurance  
related costs due to the Persian Gulf conflict, the Dry cargo business  
delivered a turnaround with an EBIT of USD 7.5 million compared to a  
loss of USD -45.0 million in Q1 2026. Having repositioned parts of the  
fleet to the Atlantic in anticipation of stronger rates, the Dry operator  
segments showed stronger performance in Q2 as Atlantic rates  
improved. As such, EBIT in the Dry operator (large vessels) segment  
was back in the black at USD 4.7 million in Q2 2026 compared to a loss  
of USD -42.7 million in Q1 2026 and a loss of USD -7.5 million in Q2  
2025. The Dry operator (small vessels) EBIT also increased to USD 6.3  
million, compared to a loss of USD -9.2 million in Q1 2026 and a loss  
of USD - 6.9 million in Q2 2025.  
USD million  
Q2 2026 Q2 2025  
LTM  
Dry owner  
In the Logistics segment, EBIT amounted to USD -4.0 million, due to  
operational issues related to a single project in Guinea which was  
completed early May.  
T/C equivalent revenue  
P/L from sale of vessels  
EBIT  
45.4  
14.3  
0.5  
67.8  
19.7  
26.4  
241.3  
37.9  
35.2  
EBIT % of TCE  
1.1%  
114  
38.9%  
5,882  
4,488  
14.6%  
2,045  
EBIT per day (USD)  
No. vessel days  
Business highlights  
4,401  
17,216  
We continue to execute our strategic priorities by increasing focus  
on base margin-driven earnings through the addition of MPP and  
Handysize vessels, while reducing exposure to positioning margin  
by divesting and securing long-term cover on vessels exposed to  
high market volatility. This supports a more resilient and strategically  
aligned fleet to serve our customers.  
Dry operator – large vessels  
T/C equivalent revenue  
EBIT  
356.6  
4.7  
220.7  
-7.5  
1,081.7  
-72.0  
EBIT % of TCE  
1.3%  
239  
-3.4%  
-502  
-6.7%  
1,043  
EBIT per day (USD)  
No. vessel days  
19,692  
14,939  
69,022  
The first-half results for the Dry cargo unit include total one-off costs  
of about USD 30 million related to vessels stuck in the Persian Gulf,  
as well as spikes in regional bunker prices which cannot be properly  
hedged. These costs have been fully recognised in the first-half results,  
and with all chartered vessels having safely exited the Persian Gulf no  
additional conflict related costs are expected for the remainder of the  
year.  
Dry operator – small vessels  
T/C equivalent revenue  
EBIT  
In March 2026, NORDEN signed a Contract of Affreightment (COA)  
of up to 10 years with LKAB and ordered two 23,000 dwt ice-class  
vessels to transport bentonite to northern Sweden, due for delivery  
in 2028. In July 2026, we exercised an option to order one additional  
vessel, further supporting our strategy of growing long-term business  
with more stable earnings characteristics.  
183.8  
6.3  
137.6  
-6.9  
633.7  
5.6  
EBIT % of TCE  
3.4%  
509  
-5.0%  
-586  
0.9%  
120  
EBIT per day (USD)  
No. vessel days  
12,378  
11,769  
46,569  
Logistics  
T/C equivalent revenue  
EBIT  
5.9  
10.7  
5.6  
19.4  
The Dry owner segment was in the quarter negatively impacted by  
costs associated with long-term leased vessels that were stuck in  
the Persian Gulf and as a result EBIT amounted to USD 0.5 million,  
-4.0  
-12.7  
Note: All figures are excluding the effect of IFRS 16. T/C equivalent revenue and  
no. vessel days are shown after internal eliminations. For reconciliation with IFRS 16  
financial accounts, please see note 2.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
8
TANKER MARKET  
The tanker market was exceptionally strong in Q2, although the very  
high rates were mainly concentrated in the West while rates remained  
significantly lower in the East. Exports out of especially the US Gulf  
increased strongly, while it took time for the clean fleet to reposition  
west. At the same time, a material share of the LR2 fleet switched into  
dirty trades, which further added to the dislocation of the world fleet.  
However, rates eventually declined sharply as the clean fleet migrated  
west and inventories were drawn down excessively, leaving fewer  
cargoes available for export.  
start of the quarter. Asset prices should remain supported by high  
ordering activity, with especially crude tanker ordering being very  
strong during Q2.  
If the Strait is open, rates should be supported by product restocking  
for the remainder of the year, especially in the East. Further, a high  
number of LR2s have switched into dirty trades during the past six  
months, and these vessels would need to clean up before clean fleet  
supply increases further. If the Strait is closed, rates in the West could  
The outlook for the rest of the year remains highly uncertain and  
depends more on geopolitical events than fundamentals. Thus,  
tonne-miles declined Y/Y but spot rates still increased significantly.  
After a brief period of optimism that conditions around the Strait of  
Hormuz were beginning to stabilise, the situation has escalated once  
again. Throughout July, renewed security incidents and heightened  
regional tensions have added further uncertainty.  
initially spike, but overall rates would likely remain low for as long as the  
Strait is closed.  
Looking into 2027, the outlook for clean tanker rates appears  
challenging, as fleet growth is expected to exceed 5%. However, a  
significant portion of the existing fleet is at the same time approaching  
scrapping age which should help offset the impact of new deliveries.  
Asset values continued to increase during the quarter, supported by  
the strength in tanker earnings earlier in the period, but have now  
stabilised as rates have declined from the extreme levels seen at the  
Spot rates MR tankers  
Asset values  
Fleet age vs. orderbook  
Tonne-mile growth  
USD thousands / day  
USD million  
55  
DWT million  
%
70  
60  
50  
40  
30  
20  
10  
180  
150  
120  
90  
15  
10  
5
50  
45  
40  
35  
0
60  
-5  
30  
0
-10  
0
Q1  
2025  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  
Orderbook  
Fleet over 20 years age  
2024 2024 2024 2025 2025 2025 2025 2026 2026  
Source: S&P Global  
Source: Vortexa  
2024  
2025  
2026  
Source: Baltic Exchange  
MR Tankers  
Average MR asset values increased 28% Y/Y  
Source: VesselsValue  
Average MR spot rates increased 63% Y/Y  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
9
Tanker business unit key figures  
TANKERS FINANCIAL REVIEW  
The strong tanker performance continued into the second quarter, with spot rates remaining elevated due  
to the disruption to global oil flows following the Persian Gulf conflict. We continue to capture this upside  
through disciplined commercial execution to adapt to rapidly changing market conditions.  
USD million  
Q2 2026 Q2 2025  
LTM  
T/C equivalent revenue  
P/L from sale of vessels  
EBIT  
128.2  
27.1  
101.4  
18.4  
452.0  
53.3  
81.1  
32.3  
191.9  
42.5%  
11,974  
38,247  
EBIT % of TCE  
63.3%  
21,555  
9,290  
31.9%  
7,390  
9,068  
EBIT per day (USD)  
No. vessel days  
Segment performance metrics  
Earnings  
Business highlights  
USD million  
Q2 2026 Q2 2025  
LTM  
The tanker market continued to be exceptionally volatile in Q2 2026,  
driven by the Persian Gulf conflict. Although the strongest freight rates  
were concentrated in the West, rates in the East were significantly  
lower. Total Tanker time-charter equivalent revenue (TCE) amounted to  
USD 128.2 million compared to USD 101.4 million in the same quarter  
last year. Combined Tanker EBIT increased by 151% to USD 81.1  
million (USD 32.3 million), reflecting a margin of 63.3% (31.9%).  
Since the onset of the Persian Gulf conflict, the sector has remained  
in an exceptional market environment, allowing us to continue  
leveraging strong conditions to secure attractive earnings. With seven  
MR TC-out fixtures year-to-date, we have taken long-term coverage  
and are now covered at 80% until the end of 2028.  
Tanker owner  
T/C equivalent revenue  
P/L from sale of vessels  
EBIT  
92.0  
27.1  
69.6  
18.4  
324.0  
53.3  
64.3  
34.5  
157.3  
48.5%  
13,097  
12,011  
EBIT % of TCE  
69.9%  
22,074  
2,913  
49.6%  
11,168  
3,089  
EBIT per day (USD)  
No. vessel days  
In the second quarter, we maintained a strong focus on Atlantic  
Basin exposure, where long-haul trades provided attractive earnings  
potential. At the same time, we remained proactive East of Suez  
by adapting our trading strategy, identifying alternative cargo  
opportunities and adjusting fleet deployment to capture upside and  
optimise earnings in changing market conditions.  
Tanker operator  
T/C equivalent revenue  
EBIT  
The Tanker owner segment continues to benefit from good operating  
earnings driven by profitable coverage. Tanker owner EBIT amounted  
to USD 64.3 million in Q2 2026, compared to USD 34.5 million in  
Q2 2025. In the second quarter of 2026, gains from sale of vessels  
contributed with USD 27.1 million, compared to last year when gains  
of USD 18.4 million were realised in the second quarter. Tanker  
operator EBIT increased to USD 16.8 million in Q2 2026, compared to  
USD -2.2 million in Q2 2025.  
36.2  
16.8  
33.1  
-2.2  
127.9  
34.6  
EBIT % of TCE  
46.4%  
20,422  
7,056  
-6.6%  
-1,489  
7,280  
27.1%  
9,240  
30,396  
EBIT per day (USD)  
No. vessel days  
Note: All figures are excluding the effect of IFRS 16. T/C equivalent revenue and  
no. vessel days are shown after internal eliminations. For reconciliation with IFRS 16  
financial accounts, please see note 2.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
10  
OUTLOOK FOR 2026  
Financial calendar 2026  
Guidance  
Dry cargo  
Tankers  
29 October Interim report – third quarter and  
first nine months of 2026  
In light of the continued good performance over  
the summer, we raise the lower end and narrow  
our full-year net profit guidance to USD 140–190  
million (previously USD 120–190 million). This  
includes vessel sales gains of USD 79 million.  
In Dry cargo, the benefits from the earlier  
The outlook remains highly uncertain and depends  
on the geopolitical situation and the resumption  
of flows through the Strait of Hormuz. A closure  
would pressure rates as more ballasters arrive  
from the East and lost volumes weigh on demand.  
A restocking cycle should support rates once  
flows normalise and Eastern refineries resume  
operations, though high newbuilding deliveries  
are expected to limit the upside.  
repositioning investments started to materialise  
in Q2, supporting a gradual improvement that is  
expected to continue over the coming quarters.  
Further information  
Therese Möllevinge  
Head of Investor Relations  
+45 41 37 16 38  
The safe transit of all NORDEN chartered vessels  
out of the Persian Gulf by the end of June has  
reduced the expected cost impact and no  
By beginning of August 2026, NORDEN had a  
long position of 1,196 open tanker vessel days and  
2,223 dry cargo days for the remainder of 2026.  
Martin Badsted  
Chief Financial Officer  
+45 30 67 58 94  
additional related costs are assumed for H2 2026.  
Distribution policy  
NORDEN’s policy to distribute minimum 50% of the  
net profit for the full-year through dividends and  
share buy-back programmes, remains unchanged.  
Events after the reporting date  
Forward-looking statements  
No significant events have occurred between the  
reporting date and the publication of the annual  
report, which have not already been included  
and adequately disclosed in the quarterly report,  
and which materially affect the assessment of the  
Company’s and Group’s results of operations or  
financial position.  
This interim report contains certain forward-look-  
ing statements reflecting Management’s present  
judgement of future events and financial results.  
Statements relating to 2026 and the years ahead  
are inherently subject to uncertainty, and NOR-  
DEN’s realised results may therefore differ from  
projections. Factors that may cause NORDEN’s  
realised results to differ from the projections in this  
report include, but are not limited to: Changes to  
macroeconomic and political conditions – particu-  
larly in the Group’s principal markets; changes to  
NORDEN’s rate assumptions and budgeted operat-  
ing expenses; volatility in freight rates and tonnage  
prices; regulatory changes; counterparty risks; any  
disruptions to traffic and operations as a result of  
external events etc.  
Our full-year outlook is strong and NORDEN is well positioned to  
navigate the market environment. Our commitment to deliver  
long-term value to shareholders remains and we will distribute  
USD 34 million for the second quarter of 2026 through a dividend of  
DKK 2 per share and a new share buyback programme of USD 25  
million.  
CEO Jan Rindbo  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
11  
STATEMENT BY THE BOARD OF DIRECTORS  
AND EXECUTIVE MANAGEMENT  
The Board of Directors and the Executive  
Besides what has been disclosed in the Interim  
Report, no other significant changes in the Group’s  
risks and uncertainties have occurred relative to  
what was disclosed in the consolidated Annual  
Report for 2025.  
Copenhagen, 13 August 2026
Management have today reviewed and approved  
the Interim Report for the period 1 January to 30  
June 2026 of Dampskibsselskabet NORDEN A/S.  
Executive Management  
The interim consolidated financial statements of  
Dampskibsselskabet NORDEN A/S have been  
prepared in accordance with IAS 34 Interim  
Financial Reporting as adopted by the EU and  
additional Danish disclosure requirements for  
interim financial reporting of listed companies.  
Jan Rindbo
Martin Badsted
Anne Heidi Jensen
In our opinion, the interim consolidated  
financial statements give a true and fair view of  
Dampskibsselskabet NORDEN A/S’ consolidated  
assets, equity and liabilities and the financial  
position at 30 June 2026 as well as the result of  
Dampskibsselskabet NORDEN A/S’ consolidated  
activities and cash flows for the period 1 January to  
30 June 2026.  
CEO
CFO
COO
Board of Directors  
The interim consolidated financial statements  
have not been subject to audit or review by the  
Independent Auditors of Dampskibsselskabet  
NORDEN A/S.  
Klaus Nyborg
Johanne C.F. Riegels
Jakob Groot
Chair
Vice chair
Furthermore, in our opinion the Management  
Review gives a fair representation of the Group’s  
activities and financial position as well as a  
description of the material risks and uncertainties  
which the Group is facing, relative to the  
Robert Hvide Macleod
Ian McIntosh
Vibeke Bak Solok
We consider the accounting policies applied to be  
appropriate and the accounting estimates made  
to be adequate. Furthermore, we find the overall  
presentation of the Interim Report to present a true  
and fair view.  
Anders Birk
Ruhi Hermansen
Sofie Schønherr
disclosures in the Annual Report for 2025.  
(employee-elected)
(employee-elected)
(employee-elected)
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
12  
INTERIM CONSOLIDATED  
INTERIM CONSOLIDATED STATEMENT  
INCOME STATEMENT  
OF COMPREHENSIVE INCOME  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amounts in USD million  
Note  
2026  
2025  
2026  
2025  
2025  
Amounts in USD million  
Note  
2026  
2025  
2026  
2025  
2025  
Profit for the period  
100.8
52.0
112.0
84.5
120.3
Revenue  
3
1,047.4
780.2
1,860.9
1,579.2
3,125.7
Items which will be reclassified to the income statement:  
Fair value adjustment for the period, cash flow hedges  
Exchange differences on translation of foreign subsidiary  
Other operating income  
Vessel operating costs  
Contribution margin  
4.7
-884.8
167.3
4.8
-665.8
119.2
8.3
-1,603.0
266.2
8.6
-1,332.2
255.6
18.1
-2,660.3
483.5
6
-50.4
0.1
5.6
7.5
0.1
-27.3
-66.4
4
Total items that have or may subsequently be reclassi-  
fied to the income statement  
Profit/loss from sale of vessels, etc.  
11  
4
41.9
37.8
60.8
41.1
70.3
-50.3
5.6
7.6
-27.3
-66.4
-
Overhead and administration expenses  
-29.9
-26.1
-54.9
-51.1
-99.5
Other equity investments (FVOCI), fair value  
adjustments for the period  
Profit before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
-
-
-15.2
-
179.3
130.9
272.1
245.6
454.3
Total items that will not be reclassified to  
the income statement  
-
-
-15.2
-7.6
-
-
Depreciation, amortisation and impairment  
losses, net  
-66.1
-
-71.4
-
-136.4
-
-147.7
-
-295.8
-0.1
Other comprehensive income/loss, net of tax  
-50.3
5.6
-27.3
-66.4
Profit/loss from investments in joint ventures  
Profit from operations (EBIT)  
113.2
59.5
135.7
97.9
158.4
Total comprehensive income for the period, after tax  
Attributable to:  
50.5
50.5
57.6
57.6
104.4
104.4
57.2
57.2
53.9
53.9
Financial income  
Financial expenses  
Profit before tax  
5
5
3.7
-11.5
2.6
-5.4
8.0
-24.7
10.8
-16.6
92.1
17.4
-37.0
Owners of Dampskibsselskabet NORDEN A/S  
105.4
56.7
119.0
138.8
Tax for the year  
-4.6
-4.7
-7.0
-7.6
-18.5
Revenue  
Contribution margin  
Profit for the period  
100.8
52.0
112.0
84.5
120.3
1,047  
USD million  
USD million  
167  
Attributable to:  
Avg.  
838  
814  
810  
780  
124  
Owners of Dampskibsselskabet NORDEN A/S  
100.8
52.0
112.0
84.5
120.3
737  
119  
Avg.  
123  
104  
99  
Earnings per share (EPS)  
Earnings per share (USD)  
3.6
3.6
1.8
1.8
4.0
4.0
2.9
2.9
4.1
4.1
Earnings per share, diluted (USD)  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
13  
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION  
Assets  
Equity and liabilities  
30/6  
2026  
30/6  
2025  
31/12  
2025  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Amounts in USD million  
Note  
Amounts in USD million  
Note  
Goodwill  
7
7
44.6
7.5
44.6
9.6
44.6
6.7
Share capital  
4.7
-17.5
4.9
14.0
4.9
-25.1
Other intangible assets  
Total intangible assets  
Reserve for hedges  
Retained earnings  
Total equity  
52.1
54.2
51.3
1,337.5
1,324.7
1,297.0
1,315.9
1,297.9
1,277.7
Vessels  
8
9
840.3
398.4
49.6
673.0
331.4
50.6
839.3
382.9
50.0
Right-of-use assets  
Property and equipment  
Prepayments on vessels and newbuildings  
Total tangible assets  
Borrowings  
233.5
281.3
5.0
108.2
210.1
5.0
255.2
253.0
5.0
10  
66.2
43.0
42.1
Lease liabilities  
9
1,354.5
1,098.0
1,314.3
Other payables  
Total non-current liabilities  
519.8
323.3
513.2
Investments  
-
89.5
-
13.9
79.2
-
15.2
60.0
-
Receivables from subleases  
Loan receivables  
Borrowings  
48.5
242.3
284.6
21.0
22.2
219.2
224.8
8.5
50.1
205.5
191.3
16.4
Total financial assets  
89.5
93.1
75.2
Lease liabilities  
9
Total non-current assets  
1,496.1
1,245.3
1,440.8
Trade payables  
Tax payables  
Inventories  
183.3
83.4
101.9
55.3
168.1
192.1
9.0
105.7
39.9
159.8
174.4
4.8
Other payables  
62.7
46.6
43.9
Receivables from subleases  
Contract assets  
Contract liabilities  
90.0
68.7
69.1
276.7
120.2
2.6
Current liabilities excluding liabilities relating to assets held for sale  
749.1
590.0
576.3
Trade receivables  
Loan receivables  
Other receivables  
55.8
38.1
-
37.3
-
Liabilities relating to assets held for sale  
11  
5.1
18.2
4.4
Term deposits with original maturities above 3 months  
Cash and cash equivalents  
Current assets excluding assets held for sale  
260.9
116.7
1,099.6
Total current liabilities  
754.2
608.2
580.7
279.8
844.3
382.1
904.0
Total liabilities  
1,274.0
2,598.7
931.5
1,093.9
2,371.6
Assets held for sale  
11  
3.0
157.8
26.8
Total current assets  
1,102.6
1,002.1
930.8
TOTAL ASSETS  
2,598.7
2,247.4
2,371.6
TOTAL EQUITY AND LIABILITIES  
2,247.4
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
14  
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amounts in USD million  
Note  
2026  
2025  
2026  
2025  
2025  
Amounts in USD million  
Note  
2026  
2025  
2026  
2025  
2025  
Cash flow from operating activities  
Cash flow from investing activities  
30.6  
109.5  
-50.6  
202.3  
222.2  
-21.5  
378.2  
-41.4  
Profit for the period  
100.8
14.0
52.0
34.1
1.3
112.0
62.2
-7.7
84.5
112.9
-13.5
45.8
120.3
259.9
-73.1
81.6
-99.9  
-222.3  
Reversal of items from the income statement  
Change in working capital  
Change in term deposits with original maturities  
above 3 months  
-107.1
23.0
44.4  
-22.1  
-68.1  
-11.3  
-126.4  
-
-
-
260.9  
-22.1  
-137.0  
-22.3  
59.5  
-
-
-
-
177.0  
-306.4  
-37.0  
170.4  
3.2  
Instalments on sublease receivables  
Income tax, paid  
22.4
-0.3
38.2
-2.4
Change in financing lease borrowings  
Instalments on lease liabilities  
Interest expense, paid  
-0.1
-7.5
-10.5
378.2
-77.1  
-8.7  
-26.9  
-
-155.5  
-16.6  
28.6  
1.1  
Cash flows from operating activities  
30.6
109.5
202.3
222.2
Investments in assets, assets held for sale  
and other tangible assets  
Free cash flow  
8/11  
10  
-201.0
-24.2
-
-230.3
-52.5
-
-243.2
-24.2
-
-259.5
-59.2
-
-563.9
-66.2
1.1
Acquisition of businesses and investments  
Adjusted free cash flow  
Prepayments on vessels and newbuildings  
Investments in joint ventures  
-126.4  
-26.9  
59.5  
29.7  
173.6  
Acquisition of businesses and investments  
Proceeds from sale of vessels and newbuildings  
Interest income, received  
-
-
-
-1.1
295.8
5.2
-3.2
30/6  
2026  
30/6  
2025  
FY  
2025  
173.9
4.1
230.7
2.4
309.8
7.9
584.7
11.1
-5.0
Amounts in USD million  
Note  
5
Cash and cash equivalents at end period can be explained as follows  
Term deposits with original maturities of 3 months or less  
Cash at bank and on hand  
Change in financial receivables  
-8.3
-0.9
-11.7
-2.7
0.1  
89.5  
-
247.5  
32.3  
263.2  
104.0  
14.9  
Change in term deposits with original  
maturities above 3 months  
-44.4
-
-260.9
-
-
Cash held for collateral and derivative activities  
Cash and cash equivalents  
27.1  
Cash flows from investing activities  
-99.9
-50.6
-222.3
-21.5
-41.4
116.7  
279.8  
382.1  
Dividend paid to shareholders  
Acquisition of treasury shares  
Proceeds from borrowings  
-8.9
-22.8
-
-8.9
-7.7
26.8
-
-17.6
-42.9
-
-17.6
-23.3
26.8
-35.5
-42.6
Term deposits with original maturities above 3 months  
260.9  
-
-
Total cash, cash equivalents and deposits  
377.6  
279.8  
382.1  
26.8
Change in financing lease borrowings  
Repayment of borrowings  
-22.1  
1.1
-22.1  
-0.4
-
177.0  
-10.3
-0.3
-77.1
-8.7
-75.9
-8.2
Free cash flow  
Cash flow from operations  
Instalments on lease liabilities  
Interest expense, paid  
9
5
-68.1
-11.3
-132.1
-137.0
-22.3
-242.3
-155.5
-16.6
-194.4
-306.4
-37.0
186  
USD million  
USD million  
143  
Cash flow from financing activities  
-228.0
172  
Net cash flow  
-201.4
-17.0
-262.3
6.3
108.8
Avg.  
35  
110  
96  
Avg.  
94  
Cash and cash equivalents at beginning of the  
period  
60  
318.8
-0.7
291.0
5.8
382.1
-3.1
266.6
6.9
266.6  
6.7
-1  
31  
-27  
Exchange rate adjustments  
Cash and cash equivalents at end period  
116.7
279.8
116.7
279.8
382.1
-126  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
15  
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
Shareholders of NORDEN  
Shareholders of NORDEN  
Share Reserve for  
Retained  
earnings  
Total  
equity  
Share Reserve for  
Retained  
earnings  
Total  
equity  
Amounts in USD million  
capital  
hedges  
Amounts in USD million  
capital  
hedges  
Equity at 1 January 2026  
4.9
-25.1
1,297.9
1,277.7
Equity at 1 January 2025  
5.1
41.3
1,250.7
1,297.1
Profit for the period  
-
-
112.0
-15.2
0.2
112.0
-7.6
-
Profit for the period  
-
-
84.5
-
84.5
-27.3
-
Other comprehensive income, total  
Capital reduction  
-
7.6
Other comprehensive income, total  
Capital reduction  
-
-27.3
-0.2
-
-0.2
-
0.2
Acquisition of treasury shares  
Dividends paid  
-
-
-42.9
-19.0
1.4
-42.9
-19.0
1.4
Acquisition of treasury shares  
Dividends paid  
-
-
-23.3
-18.8
1.2
-23.3
-18.8
1.2
-
-
-
-
-
Dividends related to treasury shares  
Share-based payment  
Changes in equity  
-
-
Dividends related to treasury shares  
Share-based payment  
Changes in equity  
-
-
-
-
-
3.1
3.1
2.5
2.5
-0.2
7.6
39.6
47.0
-0.2
-27.3
46.3
18.8
Equity at 30 June 2026  
4.7
-17.5
1,337.5
1,324.7
Equity at 30 June 2025  
4.9
14.0
1,297.0
1,315.9
Equity  
Equity ratio  
Return on equity  
Price/book value  
USD million  
%
%
58.6  
1,325  
1,316  
1,304  
1.0  
Avg.  
1,302  
1,289  
1,278  
55.3  
0.9  
0.9  
Avg.  
0.9  
Avg.  
54.1  
53.9  
0.8  
52.0  
0.7  
51.0  
11.3  
10.5  
10.5  
9.3  
Avg.  
9.9  
7.7  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
Q2  
2025  
Q3  
2025  
Q4  
2025  
Q1  
2026  
Q2  
2026  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
16  
NOTES TO THE INTERIM  
CONSOLIDATED  
1. Basis of preparation and changes to NORDEN’s accounting policies  
1.1 Basis of preparation  
FINANCIAL STATEMENTS  
1.2 Changes in accounting policies and disclosures  
The interim consolidated financial statements for the six months  
ended 30 June 2026 have been prepared in accordance with IAS  
34 Interim financial reporting as adopted by the EU and additional  
Danish disclosure requirements for the interim financial reporting of  
listed companies.  
The Group has adopted standards and interpretations effective as of  
1 January 2026. The Group has not early adopted any other standard,  
interpretation or amendments that have been issued but are not yet  
effective.  
1.  
Basis of preparation and changes to  
NORDEN’s accounting policies  
16  
18  
24  
24  
25  
25  
26  
26  
27  
27  
28  
28  
28  
29  
29  
Adoption of new or amended IFRS standards  
2.  
3.  
4.  
5.  
6.  
7.  
8.  
9.  
Operational segment information  
Segregation of revenue  
Operating expenses  
The interim consolidated financial statements do not include all the  
information and disclosures required in the annual financial state-  
ments and should be read in conjunction with the Group’s annual  
consolidated financial statements for the year ended 31 December  
2025.  
NORDEN has implemented amendments and interpretations to  
existing standards effective as of 1 January 2026. None of these in-  
terpretations or amendments have had any significant effect on the  
accounting policies applied by NORDEN.  
Financial income and expenses  
Fair value adjustment – hedging instruments  
Intangible assets  
Standards not yet in force  
The accounting policies, judgements and estimates are consistent  
with those applied in the consolidated annual report for 2025, apart  
from changes described below.  
The Group intends to adopt new and amended standards and in-  
terpretations, if applicable, when they become effective. New and  
amended financial reporting standards are either irrelevant or insig-  
nificant to NORDEN, except for IFRS 18 Presentation and Disclosure  
in Financial Statements, which was issued in April 2024 and will be  
effective from 2027. NORDEN is currently assessing the full impact of  
IFRS 18 on the primary financial statements and notes. Based on the  
initial assessment, the expected impacts include presenting foreign  
exchange gains or losses in the category in which the related income  
or expense from the underlying item is recognised, new require-  
ments for subtotals in the income statement and the introduction of  
a separate note for the disclosure of management-defined perfor-  
mance measures (MPMs).  
Vessels  
Leases – lessee  
For a complete description of accounting policies, see the notes to  
the consolidated financial statements for 2025, pages 114 - 117 in the  
consolidated annual report for 2025.  
10. Prepayments on vessels and newbuildings  
11. Assets held for sale  
12. Related party disclosure  
With effect from 1 January 2024, shipping was included in the EU  
Emissions Trading System (EU ETS). NORDEN complies with the  
legislation and currently the impact of the EU ETS on our financial  
statements is immaterial.  
13. Contingent assets and liabilities  
14. Overview of deliveries of owned vessels and CapEx  
15. Events after the reporting date  
Significant accounting estimates and judgements  
The accounting estimates and judgements, which Management  
deems to be significant to the preparation of the consolidated finan-  
cial statements, are impairment test and non-lease component for  
leases under IFRS 16 Leases. For further description a reference is  
made to note 1.4 “Significant accounting estimates and judgements”  
in the consolidated financial statements for 2025.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
17  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
1. Basis of preparation and changes to NORDEN’s accounting policies – continued  
1.3 Comparability of segment information  
Segment information is presented on the same basis as in the 2025 Annual  
Report. In Q2 2025, the Group refined its segment structure to align operational  
activities and enhance transparency. This included the transfer of Handysize ac-  
tivities to Projects & Parcelling and a renaming of the Dry Operator segments.  
In addition, segment performance is assessed based on EBIT, replacing the pre-  
vious EBITDA measure. At year-end 2025, reportable segments were regrouped  
into the Dry Cargo and Tankers business units to reflect the Group’s primary  
markets.  
These changes had no impact on the Group’s consolidated EBITDA, EBIT, net  
profit, or earnings per share.  
1.4 Rounding  
In general, rounding may cause variances in subtotals and percentages in the  
financial statements.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
18  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information  
Q2 2026  
Total before  
lease  
accounting accounting*  
Dry operator - Dry operator -  
Dry owner large vessels small vessels  
Total  
Dry cargo  
Tanker  
owner  
Tanker  
operator Eliminations  
Total  
Tankers  
Lease  
Group  
Total  
Amounts in USD million  
Logistics Eliminations  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs  
-5.6  
58.6  
-
567.1  
6.5  
318.0  
6.4  
4.0  
-
-
885.9  
-
107.8  
-0.2  
-
52.9  
-
-
160.7  
-
1,046.6  
-
-25.6  
-
1,021.0  
-
-
-
-69.1  
0.2  
-
-
-
-
-
-
-
26.4  
-
26.4  
-7.6  
45.4  
-
-217.0  
356.6  
-3.6  
-341.0  
-
-134.2  
183.8  
-0.3  
-167.8  
-
-4.5  
5.9  
-
11.3  
-352.0  
533.9  
-3.9  
-15.6  
92.0  
-1.2  
-44.7  
-3.4  
42.7  
27.1  
-4.1  
-16.7  
36.2  
9.8  
-23.7  
-
-0.2  
-32.5  
128.2  
8.6  
-384.5  
662.1  
4.7  
-384.5  
662.9  
4.7  
T/C equivalent revenue  
-57.8  
-
-
-
-
-
-
-
0.8  
-
Other operating income  
-
Charter hire and OpEx element  
Operating costs, owned vessels  
Contribution margin  
-45.4  
-5.3  
-5.3  
14.3  
-3.9  
-4.4  
-2.5  
-1.0  
-
57.8  
-500.8  
-7.8  
-68.4  
-3.4  
65.0  
27.1  
-9.5  
-569.2  
-11.2  
86.4  
41.4  
-30.2  
80.1  
-
-489.1  
-11.2  
167.3  
41.9  
-
-
-
-
12.0  
-
15.7  
-
21.4  
14.3  
-20.7  
22.3  
-
80.9  
0.5  
0.3  
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
-6.9  
-8.4  
-1.5  
-5.4  
-29.9  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
5.1  
-4.6  
-
5.1  
-0.4  
-
7.3  
-1.0  
-
-2.5  
-1.5  
-
-
-
-
-
15.0  
-7.5  
-
65.7  
-1.4  
-
16.9  
-0.1  
-
-
-
-
-
82.6  
-1.5  
-
97.6  
-9.0  
-
81.7  
-57.1  
-
179.3  
-66.1  
-
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
0.5  
4.7  
6.3  
-4.0  
7.5  
64.3  
16.8  
81.1  
88.6  
24.6  
113.2  
* For specification of IFRS 16 refer to page 22.  
EBIT  
EBIT  
EBIT  
EBIT  
EBIT  
EBIT  
Dry owner  
Dry operator - large vessels  
Dry operator - small vessels  
Logistics  
Tanker owner  
Tanker operator  
USD million  
USD million  
USD million  
USD million  
USD million  
USD million  
64  
17  
7
6
5
6
11  
Avg.  
38  
26  
18  
37  
37  
35  
1
Avg.  
6
Avg.  
0
5
Avg.  
-16  
-8  
-8  
2
Avg.  
-1  
12  
19  
Avg.  
12  
0
-26  
5
-2  
-4  
-4  
-7  
0
-5  
-43  
-9  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
Q2 Q3 Q4 Q1 Q2  
2025 2025 2025 2026 2026  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
19  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information – continued  
Q2 2025  
Total before  
lease  
accounting accounting*  
Dry operator - Dry operator -  
Dry owner large vessels small vessels  
Total  
Dry cargo  
Tanker  
owner  
Tanker  
operator Eliminations  
Total  
Tankers  
Lease  
Group  
Total  
Amounts in USD million  
Logistics Eliminations  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs  
9.1  
63.0  
-
396.3  
1.1  
249.0  
8.8  
0.1  
-
-
663.2  
-
82.6  
1.2  
49.5  
-
-
132.1  
-
795.3  
-
-24.5  
-
770.8  
-
-0.2  
-64.0  
-1.2  
-
-
-111.2  
137.6  
-
-
-
-
-
-
-
-
9.4  
-
9.4  
-4.3  
67.8  
-
-176.7  
220.7  
0.2  
1.8  
10.7  
-
3.6  
-286.8  
376.4  
0.2  
-14.2  
69.6  
-1.1  
-39.0  
-5.7  
23.8  
18.4  
-5.0  
-16.4  
33.1  
5.7  
-38.2  
-
-0.1  
-30.7  
101.4  
4.6  
-317.5  
477.8  
4.8  
-317.5  
462.7  
4.8  
T/C equivalent revenue  
-60.4  
-1.3  
-15.1  
-
Other operating income  
-
-
Charter hire and OpEx element  
Operating costs, owned vessels  
Contribution margin  
-48.1  
-3.4  
16.3  
19.7  
-4.9  
-223.9  
-
-134.5  
-
-
60.4  
-346.1  
-6.3  
1.3  
-75.9  
-5.7  
24.4  
18.4  
-7.8  
-422.0  
-12.0  
48.6  
38.1  
-26.7  
85.7  
-
-336.3  
-12.0  
119.2  
37.8  
-26.1  
-2.9  
7.8  
-
-
-
-
-
-
-
-
-
-3.0  
-
3.1  
24.2  
19.7  
-18.9  
0.6  
-
70.6  
-0.3  
0.6  
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
-
-4.4  
-8.4  
-1.2  
-2.8  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
31.1  
-4.7  
-
-7.4  
-0.1  
-
-5.3  
-1.6  
-
6.6  
-1.0  
-
-
-
-
-
25.0  
-7.4  
-
37.2  
-2.7  
-
-2.2  
-
-
-
-
35.0  
-2.7  
-
60.0  
-10.1  
-
70.9  
-61.3  
-
130.9  
-71.4  
-
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
-
-
Profit/loss from operations (EBIT)  
26.4  
-7.5  
-6.9  
5.6  
17.6  
34.5  
-2.2  
32.3  
49.9  
9.6  
59.5  
* For specification of IFRS 16 refer to page 22.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
20  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information – continued  
H1 2026  
Total before  
lease  
accounting accounting*  
Dry operator - Dry operator -  
Dry owner large vessels small vessels  
Total  
Dry cargo  
Tanker  
owner  
Tanker  
operator Eliminations  
Total  
Tankers  
Lease  
Group  
Total  
Amounts in USD million  
Logistics Eliminations  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs  
-4.9  
126.3  
-
997.0  
10.3  
-
561.6  
-
12.2  
9.3  
-
-
1,565.9  
-
202.3  
-0.2  
90.6  
-
-
292.9  
-
1,858.8  
-
-42.4  
1,816.4  
-
-145.9  
0.2  
-
44.5  
-
-
-
-
-
-
-
-
-
44.5  
-11.6  
109.8  
-
-388.8  
618.5  
-5.8  
-635.9  
-
-233.7  
327.9  
-0.2  
-312.3  
-
-9.1  
12.4  
-
19.3  
-623.9  
942.0  
-6.0  
-30.6  
171.5  
-2.7  
-25.9  
64.7  
17.0  
-45.2  
-
-0.2  
-56.7  
236.2  
14.3  
-134.0  
-7.1  
-680.6  
1,178.2  
8.3  
-680.6  
1,180.3  
8.3  
T/C equivalent revenue  
-126.6  
-
-
-
-
-
-
-
2.1  
-
Other operating income  
-
Charter hire and OpEx element  
Operating costs, owned vessels  
Contribution margin  
-95.6  
-8.9  
5.3  
-10.0  
-5.4  
-3.0  
-
126.6  
-927.2  
-14.3  
-5.5  
-88.8  
-7.1  
-1,061.2  
-21.4  
103.9  
59.8  
160.2  
-
-901.0  
-21.4  
266.2  
60.8  
-
-
-
-
-23.2  
-
15.4  
-
72.9  
37.7  
-6.6  
36.5  
-
109.4  
37.7  
-15.7  
162.3  
1.0  
0.7  
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
22.1  
-6.4  
22.1  
-39.9  
-14.3  
-16.3  
-2.9  
-9.1  
-55.6  
-54.9  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
21.0  
-9.0  
-
-37.5  
-0.5  
-
-0.9  
-2.0  
-
-5.9  
-2.7  
-
-
-
-
-
-23.3  
-14.2  
-
104.0  
-2.9  
-
27.4  
-0.1  
-
-
-
-
-
131.4  
-3.0  
-
108.1  
-17.2  
-
164.0  
-119.2  
-
272.1  
-136.4  
-
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
12.0  
-38.0  
-2.9  
-8.6  
-37.5  
101.1  
27.3  
128.4  
90.9  
44.8  
135.7  
* For specification of IFRS 16 refer to page 23.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
21  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information – continued  
H1 2025  
Total before  
lease  
accounting accounting*  
Dry operator - Dry operator -  
Dry owner large vessels small vessels  
Total  
Dry cargo  
Tanker  
owner  
Tanker  
operator Eliminations  
Total  
Tankers  
Lease  
Group  
Total  
Amounts in USD million  
Logistics Eliminations  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income and gains  
Voyage costs  
24.8  
126.7  
-
791.7  
2.2  
510.5  
14.5  
0.1  
-
-
1,341.5  
-
159.0  
9.7  
115.6  
-
-
274.6  
-
1,616.1  
-
-49.8  
1,566.3  
-
-0.1  
-128.9  
-9.7  
-
-
-
-230.6  
279.8  
-
-
-
-
-
-
-
-
12.9  
12.9  
-8.3  
143.2  
-
-340.9  
453.0  
-0.4  
-438.9  
-
0.7  
15.3  
-
-7.0  
-572.1  
769.4  
-0.4  
-26.9  
141.8  
-2.1  
-34.1  
81.5  
11.1  
-88.1  
-
-0.1  
-61.1  
213.5  
9.0  
-633.2  
982.9  
8.6  
-
-633.2  
946.0  
8.6  
T/C equivalent revenue  
-121.9  
-9.8  
-36.9  
Other operating income  
-
-
-
171.9  
-
Charter hire and OpEx element  
Operating costs, owned vessels  
Contribution margin  
-97.2  
-7.7  
38.3  
22.5  
-6.9  
-274.2  
-
-
121.9  
-688.4  
-14.1  
66.5  
22.7  
-37.7  
-79.4  
-10.7  
49.6  
18.4  
-6.8  
9.8  
-157.7  
-10.7  
54.1  
18.4  
-14.0  
-846.1  
-24.8  
120.6  
41.1  
-51.7  
-674.2  
-24.8  
255.6  
41.1  
-6.4  
8.9  
0.2  
-3.1  
-
-
-
-
-
-
-
-
13.7  
-
5.6  
4.5  
-
135.0  
-
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
-
-12.9  
-14.8  
-7.2  
0.6  
-51.1  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
53.9  
-9.4  
-
0.8  
-1.7  
-
-9.2  
-3.2  
-
6.0  
-2.1  
-
-
-
-
-
51.5  
-16.4  
-
61.2  
-5.3  
-
-2.7  
-1.1  
-
-
-
-
-
58.5  
-6.4  
-
110.0  
-22.8  
-
135.6  
-124.9  
-
245.6  
-147.7  
-
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
44.5  
-0.9  
-12.4  
3.9  
35.1  
55.9  
-3.8  
52.1  
87.2  
10.7  
97.9  
* For specification of IFRS 16 refer to page 23.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
22  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information – continued  
Specification of impact from lease accounting per segment  
Q2 2026  
Dry operator -  
large vessels  
Dry operator -  
small vessels  
Total  
Dry cargo  
Total  
Tankers  
Group  
Total  
Amounts in USD million  
Dry owner  
Logistics  
Tanker owner Tanker operator  
Revenue - services rendered, external  
Revenue - sublease financial income and gains  
T/C equivalent revenue  
-1.0  
-
-2.2  
0.1  
-
-
-
-3.2  
0.1  
-20.8  
26.3  
5.5  
-1.6  
-22.4  
26.3  
3.9  
-25.6  
26.4  
0.8  
-
-
-1.6  
5.5  
3.9  
-
-1.0  
29.2  
28.2  
0.5  
-2.1  
16.6  
14.5  
-
-
-
-3.1  
50.9  
47.8  
0.5  
Charter hire and OpEx element  
5.1  
5.1  
-
-
-
23.7  
29.2  
-
29.2  
33.1  
-
80.1  
80.9  
0.5  
Contribution margin  
Profit/loss from sale of vessels, etc.  
-
Overhead and administration expenses  
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA)  
Depreciation, amortisation and impairment losses  
Profit/loss from operations (EBIT)  
0.1  
-0.1  
14.4  
-14.6  
-0.2  
0.2  
5.3  
-5.0  
0.3  
0.1  
0.1  
-0.1  
-
0.3  
-
-
-
0.3  
28.8  
-23.1  
5.7  
48.6  
-42.8  
5.8  
29.2  
-10.1  
19.1  
3.9  
-4.2  
-0.3  
33.1  
-14.3  
18.8  
81.7  
-57.1  
24.6  
Q2 2025  
Dry operator -  
large vessels  
Dry operator -  
small vessels  
Total  
Dry cargo  
Total  
Tankers  
Group  
Total  
Amounts in USD million  
Dry owner  
Logistics  
Tanker owner Tanker operator  
Revenue - services rendered, external  
Revenue - sublease financial income and gains  
T/C equivalent revenue  
-1.2  
0.1  
-
-
-1.9  
0.5  
-1.4  
7.7  
6.3  
-
-
-
-
-
-
-
-
-
-
-
-3.1  
0.6  
-13.4  
11.4  
-2.0  
21.4  
19.4  
-
-8.0  
-2.6  
-10.6  
16.2  
5.6  
-
-21.4  
8.8  
-24.5  
9.4  
-1.1  
26.3  
25.2  
-0.3  
-
-
-2.5  
48.1  
45.6  
-0.3  
0.6  
-12.6  
37.6  
25.0  
-
-15.1  
85.7  
70.6  
-0.3  
0.6  
Charter hire and OpEx element  
14.1  
14.1  
-
Contribution margin  
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA)  
Depreciation, amortisation and impairment losses  
Profit/loss from operations (EBIT)  
0.4  
14.5  
-13.8  
0.7  
0.2  
6.5  
-6.5  
-
-
-
-
24.9  
-21.3  
3.6  
45.9  
-41.6  
4.3  
19.4  
-11.9  
7.5  
5.6  
-7.8  
-2.2  
25.0  
-19.7  
5.3  
70.9  
-61.3  
9.6  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
23  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
2. Operational segment information – continued  
Specification of impact from lease accounting per segment  
H1 2026  
Dry operator -  
large vessels  
Dry operator -  
small vessels  
Total  
Dry cargo  
Total  
Tankers  
Group  
Total  
Amounts in USD million  
Dry owner  
Logistics  
Tanker owner Tanker operator  
Revenue - services rendered, external  
Revenue - sublease financial income and gains  
T/C equivalent revenue  
-1.2  
0.6  
-3.9  
4.1  
-
-
-
-5.1  
4.7  
-34.4  
38.7  
4.3  
-2.9  
-37.3  
39.8  
2.5  
-42.4  
44.5  
2.1  
-
1.1  
-1.8  
10.8  
9.0  
-
-0.6  
58.6  
58.0  
1.0  
0.2  
-
-
-0.4  
Charter hire and OpEx element  
33.1  
33.3  
-
11.9  
11.9  
-
-
-
103.6  
103.2  
1.0  
45.8  
50.1  
-
56.6  
59.1  
-
160.2  
162.3  
1.0  
Contribution margin  
Profit/loss from sale of vessels, etc.  
-
Overhead and administration expenses  
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA)  
Depreciation, amortisation and impairment losses  
Profit/loss from operations (EBIT)  
0.1  
0.2  
0.3  
12.2  
-11.8  
0.4  
0.1  
0.1  
-0.1  
-
0.7  
-
-
-
0.7  
59.1  
-46.9  
12.2  
33.5  
-30.0  
3.5  
104.9  
-88.8  
16.1  
50.1  
-22.8  
27.3  
9.0  
-7.6  
1.4  
59.1  
-30.4  
28.7  
164.0  
-119.2  
44.8  
H1 2025  
Dry operator -  
large vessels  
Dry operator -  
small vessels  
Total  
Dry cargo  
Total  
Tankers  
Group  
Total  
Amounts in USD million  
Dry owner  
Logistics  
Tanker owner Tanker operator  
Revenue - services rendered, external  
Revenue - sublease financial income and gains  
T/C equivalent revenue  
-3.4  
0.1  
-
-
-2.9  
2.0  
-
-
-
-
-
-
-
-
-
-
-6.3  
2.1  
-26.1  
13.1  
-13.0  
44.8  
31.8  
-
-17.4  
-2.3  
-19.7  
35.6  
15.9  
-
-43.5  
10.8  
-32.7  
80.4  
47.7  
-
-49.8  
12.9  
-36.9  
171.9  
135.0  
-
-3.3  
53.0  
49.7  
-
-
-0.9  
13.7  
12.8  
-
-4.2  
91.5  
87.3  
-
Charter hire and OpEx element  
24.8  
24.8  
-
Contribution margin  
Profit/loss from sale of vessels, etc.  
Overhead and administration expenses  
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA)  
Depreciation, amortisation and impairment losses  
Profit/loss from operations (EBIT)  
-
0.4  
25.2  
-24.3  
0.9  
0.2  
0.6  
-
-
-
0.6  
49.7  
-42.7  
7.0  
13.0  
-11.7  
1.3  
87.9  
-78.7  
9.2  
31.8  
-27.0  
4.8  
15.9  
-19.2  
-3.3  
47.7  
-46.2  
1.5  
135.6  
-124.9  
10.7  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
24  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
3. Segregation of revenue  
4. Operating expenses  
Q2  
2026  
Q2  
2025  
H1  
2026  
H1  
2025  
FY  
2025  
Vessel operating expenses  
Amounts in USD million  
Q2  
Q2  
H1  
H1  
FY  
Amounts in USD million  
2026  
2025  
2026  
2025  
2025  
Revenue by vessel type  
Dry bulk  
Tankers  
Total  
882.8  
164.6  
660.7  
119.5  
780.2  
1,565.5  
295.4  
1,337.3  
241.9  
2,647.0  
478.7  
Expenses related to short-term leases  
Bunker oil  
433.4  
199.5  
185.0  
55.7  
277.9  
167.3  
150.2  
58.4  
792.4  
342.3  
338.3  
108.6  
21.4  
554.1  
340.3  
292.9  
120.1  
24.8  
1,166.5  
657.5  
555.6  
233.0  
47.7  
Voyage expenses, excluding bunker oil  
Non-lease service component (lease accounting)  
Operating expenses of owned vessels  
Total  
1,047.4  
1,860.9  
1,579.2  
3,125.7  
Revenue by type of service  
Voyage charter  
Time charter  
11.2  
12.0  
896.9  
150.5  
676.0  
104.2  
780.2  
1,599.5  
261.4  
1,378.2  
201.0  
2,650.9  
474.8  
884.8  
665.8  
1,603.0  
1,332.2  
2,660.3  
Total  
1,047.4  
1,860.9  
1,579.2  
3,125.7  
Overhead and administration expenses  
Q2  
Q2  
H1  
H1  
FY  
Amounts in USD million  
2026  
2025  
2026  
2025  
2025  
Wages and salaries  
18.7  
1.1  
15.3  
0.9  
33.5  
2.1  
30.4  
1.8  
56.3  
4.1  
Pensions – defined contribution plans  
Other social security costs  
Share-based payment  
Other external costs  
Total  
0.8  
0.8  
1.8  
1.6  
3.3  
1.5  
1.2  
3.1  
2.5  
4.8  
7.8  
7.9  
14.4  
54.9  
14.8  
51.1  
31.0  
99.5  
29.9  
26.1  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
25  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
5. Financial income and expenses  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Q2  
2026  
Q2  
2025  
H1  
2026  
H1  
2025  
FY  
2025  
Amounts in USD million  
Amounts in USD million  
As of 30 June 2026, outstanding hedging consists of:  
Interest income  
4.1  
-0.4  
-
2.4  
1.0  
7.9  
0.1  
-
5.2  
1.0  
11.1  
0.7  
Fair value adjustment, derivatives  
Exchange rate adjustments  
Total financial income  
Bunker swap contracts  
-0.8  
2.6  
4.6  
5.6  
Fair value at 1 January  
-12.0  
51.8  
-1.1  
-5.1  
1.8  
-1.1  
-17.1  
0.5  
3.7  
8.0  
10.8  
17.4  
Fair value adjustments  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
72.5  
Interest expenses  
0.6  
-
1.3  
-3.3  
-
1.2  
-
1.6  
-
2.7  
-
-105.4  
6.9  
2.6  
5.7  
Fair value adjustment, derivatives  
Exchange rate adjustments  
Interest expense on lease liabilities  
Total financial expense  
-1.8  
-12.0  
0.2  
2.4  
-
-
10.7  
11.5  
7.4  
5.4  
21.1  
24.7  
15.0  
16.6  
34.3  
37.0  
Forward freight agreements  
Fair value at 1 January  
-13.2  
-33.6  
94.6  
42.4  
10.5  
-47.4  
10.6  
16.1  
42.4  
-53.2  
55.1  
Fair value adjustments  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
6. Fair value adjustment – hedging instruments  
-72.3  
-24.5  
-57.5  
-13.2  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Amounts in USD million  
Interest rate derivatives  
Fair value at 1 January  
Fair value adjustments  
Fair value at end of period  
Fair value of cash flow hedges  
0.1  
-0.1  
-
-
-0.3  
-0.3  
-
0.1  
0.1  
Fair value adjustment at the beginning period  
Fair value adjustment for the period, net  
Fair value at end of period  
-25.1  
7.5  
41.3  
-27.3  
14.0  
41.3  
-66.4  
-25.1  
-17.6  
The fair value of cash flow hedges for the period can be specified as follows:  
Bunker swap contracts  
6.9  
-24.5  
-
-1.8  
16.1  
-0.3  
-12.0  
-13.2  
0.1  
Forward freight agreements  
Interest rate derivatives  
Fair value at end of period  
-17.6  
14.0  
-25.1  
The fair value measurement hierarchy of hedging is measured based upon significant observable inputs (level 2).  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
26  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
7. Intangible assets  
8. Vessels  
30/6  
2026  
30/6  
2025  
31/12  
2025  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Amounts in USD million  
Amounts in USD million  
Cost at 1 January  
943.9  
147.9  
-1.1  
801.7  
94.7  
-
801.7  
149.1  
-2.7  
Goodwill  
Additions  
Cost at 1 January  
44.6  
44.6  
44.6  
Disposals  
Additions from business combinations  
Disposals  
-
-
-
-
-
-
Transferred from prepayments on vessels and newbuildings  
Transferred to tangible assets held for sale  
Cost at end of period  
0.1  
37.0  
-156.4  
777.0  
44.9  
-147.3  
943.5  
-49.1  
943.9  
Cost at end of period  
44.6  
44.6  
44.6  
Amortisation and impairment losses at 1 January  
Amortisation  
-
-
-
-
-
-
-
-
-
-
-
-
Depreciation and impairment losses at 1 January  
Depreciation  
-104.6  
-16.8  
-
-107.6  
-107.6  
-34.1  
-
-16.3  
Disposals  
Impairment of assets  
-
Amortisation and impairment losses at end of period  
Reversal of impairment of assets  
-
-
-
-
Carrying amount at end of period  
44.6  
44.6  
44.6  
Disposals related to derecognised assets  
Transferred to tangible assets held for sale  
Depreciation and impairment losses at end of period  
1.1  
2.7  
17.1  
-103.2  
19.9  
-104.0  
34.4  
-104.6  
Other intangible assets  
Cost at 1 January  
25.5  
2.9  
-
25.5  
25.5  
Additions from business combinations  
Disposals  
-
-
-
-
Carrying amount at end of period  
840.3  
673.0  
839.3  
Cost at end of period  
28.4  
25.5  
25.5  
Amortisation and impairment losses at 1 January  
Amortisation  
-18.8  
-2.1  
-
-12.6  
-3.3  
-
-12.6  
-6.2  
-
Disposals  
Amortisation and impairment losses at end of period  
-20.9  
-15.9  
-18.8  
Carrying amount at end of period  
7.5  
9.6  
6.7  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
27  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
9. Leases – lessee  
10. Prepayments on vessels and newbuildings  
30/6  
2026  
30/6  
2025  
31/12  
2025  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Amounts in USD million  
Amounts in USD million  
Right-of-use assets  
Cost at 1 January  
Additions  
Prepayment on vessels  
1,077.9  
66.9  
1,078.5  
69.0  
1,078.5  
177.5  
Cost at 1 January  
-
-
-
Additions  
0.1  
37.9  
-37.0  
-
44.9  
Remeasurements  
Disposals  
65.0  
75.9  
152.2  
Transferred to vessels  
-0.1  
-44.9  
-186.5  
1,023.3  
-183.2  
1,040.2  
-330.3  
1,077.9  
Transferred to tangible assets held for sale  
Cost at end of period  
-
-
Cost at end of period  
-
0.9  
-
Depreciation at 1 January  
Depreciation  
-695.0  
-116.5  
186.6  
-757.9  
-127.2  
176.3  
-757.9  
-253.5  
316.4  
Impairment  
-
-
-
-
-
Carrying amount at end of period  
0.9  
Disposals  
Depreciation at end of period  
-624.9  
-708.8  
-695.0  
30/6  
2026  
30/6  
2025  
31/12  
2025  
Carrying amount  
398.4  
331.4  
382.9  
Amounts in USD million  
Lease Liabilities  
Prepayment on newbuildings  
Cost at 1 January  
Lease liabilities at 1 January  
Additions  
458.5  
123.5  
78.7  
421.1  
90.3  
421.1  
200.2  
167.5  
-306.4  
-23.9  
42.1  
24.1  
-
58.8  
21.3  
-
58.8  
21.3  
-
Additions  
Remeasurements  
Instalments made  
Disposals  
89.2  
Transferred to vessels  
Transferred to tangible assets held for sale  
Cost at end of period  
-137.0  
-0.1  
-155.5  
-15.8  
429.3  
-
-38.0  
42.1  
-38.0  
42.1  
66.2  
Lease liabilities at end of period  
523.6  
458.5  
Impairment  
-
-
-
Carrying amount at end of period  
66.2  
42.1  
42.1  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
28  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
11. Assets held for sale  
12. Related party disclosure  
30/6  
2026  
30/6  
2025  
31/12  
2025  
No significant changes have occurred to related parties or types and scale of transactions with these parties other than what  
is disclosed in the consolidated annual report for 2025.  
Amounts in USD million  
Cost at 1 January  
26.8  
93.8  
130.2  
-
70.0  
164.5  
136.5  
38.0  
70.0  
411.2  
14.7  
Additions  
13. Contingent assets and liabilities  
Transferred from vessels  
Transferred from prepayments on vessels and newbuildings  
Disposals  
38.0  
Since the end of 2025, no significant changes have occurred to contingent assets and liabilities other than those referred to  
in this interim report.  
-247.8  
3.0  
-251.2  
157.8  
-507.1  
26.8  
Carrying amount at end of period  
Liabilities relating to assets held for sale  
Prepayments received on newbuildings and vessels sold  
Carrying amount at end of period  
5.1  
18.2  
4.4  
5.1  
18.2  
4.4  
Gains from sale of vessels during the period  
Losses from sale of vessels during the period  
Profit/loss from sale of vessels  
60.8  
-
41.1  
-
70.6  
-0.3  
60.8  
41.1  
70.3  
During the first six months of 2026, NORDEN delivered one Capesize, two Panamax, two Supramax, one logistics vessel, and  
three MR tankers to their new owners.  
 
Second Quarter and First Half-Year 2026  
NORDEN Interim Financial Report  
29  
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS  
14. Overview of deliveries of owned vessels and CapEx  
Deliveries of owned vessels  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Number of vessels  
2026  
2026  
2027  
2027  
2027  
2027  
2028  
2028  
2028  
2028  
2029  
2029  
2029  
2029  
2030  
Total  
Handysize/MPP  
Panamax  
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
1
3
Capesize  
2
1
-
Cash flows from CapEx and sale of vessels  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Amounts in USD million  
2026  
2026  
2027  
2027  
2027  
2027  
2028  
2028  
2028  
2028  
2029  
2029  
2029  
2029  
2030  
Total  
Investment in newbuildings and secondhand  
vessels  
-37.0  
-66.8  
-91.4  
-42.1  
-
-
-3.4  
-13.5  
-40.4  
-
-
-
-
-
-
-294.6  
Proceeds from sale of vessels and newbuildings  
Other CapEx  
27.4  
-
74.1  
-
0.3  
-4.0  
-
-
-
-1.5  
-1.5  
-
-1.5  
-1.5  
-
-
-
-1.5  
-
-4.2  
-
-
-
-
-
-
-
-7.1  
-7.1  
-
-3.4  
-3.4  
-
-1.7  
-1.7  
-
-
-
101.8  
-24.9  
Net cash flows  
-9.6  
7.3  
-95.1  
-42.1  
-3.4  
-15.0  
-44.6  
-217.7  
Other CapEx includes ordinary docking as well as acquisition and installation of scrubbers and energy saving devices.  
Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements.  
15. Events after the reporting date  
No events have occurred after the balance sheet date which are expected to have a material impact on the interim  
consolidated financial statement.