NORDEN reports net profit of USD 25 million in Q3 2024 and continues to return cash to shareholders
ANNOUNCEMENT NO. 234 – 31 OCTOBER 2024 NORDEN generated a net profit of USD 25 million in the third quarter of 2024, impacted by weaker than expected markets in both dry cargo and tankers. NORDEN’s net profit for the first nine months of 2024 was USD 133 million. Margins in Freight Services & Trading continued to be negative, driven by weaker tanker rates, whilst earnings from the dry cargo activities are improving. As expected, Assets & Logistics enjoyed stable contribution from high coverage. Freight Services & Trading generated a result for the third quarter of USD -18 million,