Danish shipping company NORDEN has raised its full-year earnings outlook again.

On 2 July, NORDEN said it now expects to generate a net profit of between $120 million and $190 million in 2026, up from its previous guidance of $70 million to $140 million.

This marks the company’s second earnings upgrade this year. On 28 April, NORDEN increased its original forecast of $30 million to $100 million to a revised range of $70 million to $140 million.

The latest adjustment reflects three main factors: stronger-than-expected performance from its dry bulk operations, lower costs related to vessel delays in the Arabian Gulf, and additional gains from vessel sales.

Early Atlantic positioning begins to pay off

During the first quarter, NORDEN incurred additional costs to reposition part of its dry bulk fleet into the Atlantic in anticipation of improving market conditions.

As the Atlantic dry bulk market strengthened during the second quarter, that early deployment began to generate better operating returns. NORDEN said the fleet positioning undertaken earlier in the year was now paying off and had become an important contributor to the improved outlook.

The development contrasts sharply with the company’s first-quarter performance.

NORDEN reported a group net profit of $11 million for the first three months of 2026. Before lease accounting effects, its tanker business generated EBIT of $47.3 million, while the dry bulk division recorded an EBIT loss of $45 million.

The company previously attributed the dry bulk loss to higher chartering costs required to fulfil freight commitments, operational and insurance expenses linked to the conflict in the Arabian Gulf, and the upfront cost of moving vessels into the Atlantic.

Those positioning costs are now beginning to deliver returns. Stronger Atlantic market conditions have supported a recovery in dry bulk earnings and validated the company’s decision to move tonnage ahead of the market improvement.

Chartered vessels safely exit the Arabian Gulf

Improved transit conditions around the Strait of Hormuz have also reduced the financial impact previously anticipated by NORDEN.

The company said that all chartered vessels previously delayed inside the Arabian Gulf had now safely passed through the Strait of Hormuz.

NORDEN expects the resulting costs from delays and operational disruption to be lower than the amount previously included in its full-year guidance.

Although the disruption directly affected the company’s fleet operations and dry bulk performance, the eventual cost burden has proved less severe than initially estimated. This has become another factor supporting the upgraded earnings forecast.

Nine vessel sales expected to generate $79 million

Alongside improving shipping operations, vessel transactions continue to make a substantial contribution to NORDEN’s earnings.

The company has sold nine vessels so far in 2026.

Three came from its owned fleet: two MR product tankers and one Capesize bulk carrier.

The remaining six vessels were linked to recently exercised purchase options and comprised four Panamax bulk carriers and two Supramax bulk carriers.

Based on completed and signed transactions, NORDEN expects to recognise approximately $79 million in vessel sale gains during 2026, up from its previous estimate of $64 million.

The $79 million figure represents accounting gains from the transactions rather than the total sale price of the nine vessels.

Exercising purchase options and subsequently selling ships has long formed part of NORDEN’s asset management strategy.

The company typically secures exposure to vessel values through charter or leasing arrangements that include purchase options. When the market value of a vessel rises above the cost of exercising the option, NORDEN can acquire the ship and either continue operating it or sell it, depending on market conditions.

This model allows the company to generate returns not only from freight markets and vessel operations, but also from increases in underlying asset values.

NORDEN chief executive Jan Rindbo said the company’s early fleet positioning was beginning to produce results, while the cost impact from the Arabian Gulf disruption had declined.

At the same time, NORDEN continued to realise attractive vessel values by exercising purchase options and selling ships. Together, these factors have materially strengthened the company’s full-year earnings outlook.

Earnings model extends beyond freight rates

The latest guidance upgrade also illustrates that NORDEN’s earnings are not solely dependent on a single shipping segment or spot freight market.

The company operates across both dry bulk and product tanker markets and adjusts its fleet deployment according to regional cargo demand and freight expectations.

It also manages its market and asset exposure through a combination of owned vessels, chartered tonnage, purchase options and vessel sales.

After tanker operations supported group earnings while dry bulk struggled during the first quarter, improving Atlantic conditions are now helping the dry bulk business recover.

At the same time, firm secondhand vessel values continue to provide NORDEN with opportunities to realise gains from its asset portfolio.

NORDEN has now raised its expected 2026 net profit from an initial range of $30 million to $100 million to as much as $190 million.

The two upgrades within the first half of the year indicate that the company’s decisions on fleet deployment, chartering exposure and vessel asset transactions are increasingly translating into financial returns.