OUTLOOK FOR 2022
Historic results - Freight Services & Trading
Guidance
Seasonality and uncertainty
Further information
Thomas France
Investor Communications Partner
+45 3315 0451
In line with its recent announcement in
late April, NORDEN expects profit for the
year in the range of USD 270-350 million
(incl. sales gains of USD 28 million from al-
ready sold vessels). This is based on good
geographical positioning and active trad-
ing in a continued strong and volatile dry
cargo market, combined with substantial
increases in product tanker market rates
and strong regional positioning.
For both business units, the distribution
of earnings per quarter is expected to
be more front loaded than normal. Given
the war in Ukraine, sanctions on Russia,
remaining COVID-19 disruption and mac-
roeconomic uncertainties in general, the
freight market uncertainty and volatility is
expected to remain high. New sanctions
targeted at Russian exports may emerge
which on balance is expected to be slight-
ly negative for dry cargo rates and positive
for tanker rates. With its agile business
model and strong operating platform,
NORDEN is well equipped to manage this
uncertainty.
Year
2021
Vessel days
164,189
1,214
638
Margin per vessel day
3-year average margin per vessel day*
* Average of last three financial years.
Financial calendar for 2022
18 August
Interim report, second quarter and
first half-year 2022
4 November Interim report, third quarter 2022
Assets & Logistics
The Assets & Logistics business unit ex-
pects much better earnings in 2022 based
on high coverage at attractive rates on the
dry cargo fleet.
“NORDEN expects
profit for the year
in the range of USD
270-350 million
(incl. sales gains
of USD 28 million
from already sold
vessels)”
Events after the reporting date
In addition, dry cargo vessel sales gains
are expected to contribute positively.
No significant events have occurred be-
tween the reporting date and the publica-
tion of this 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 op-
erations or financial position.
Forward-looking statements
Freight Services & Trading
This annual report contains certain forward-look-
ing statements reflecting Management’s present
judgement of future events and financial results.
Statements relating to 2022 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 annual report include, but are not limited to:
Changes to macroeconomic and political condi-
tions – particularly in the Group’s principal mar-
kets; changes to NORDEN’s rate assumptions and
budgeted operating 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.
The Freight Services & Trading business
unit expects a net result above the com-
bined result for the two operators in 2021.
The expectation is based on a margin per
vessel day which is higher than the aver-
age realised over the last 3 years and in
line with the record level from 2021 (see
table), combined with continued 5-10%
growth in activity levels. The business unit
remains well positioned in both a strong
and volatile dry cargo market, and a signif-
icantly improved tanker market.
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NORDEN
INTERIM FINANCIAL REPORT FIRST QUARTER 2022
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