Q1 2022: NORDEN WITH STRONG START TO THE YEAR

ANNOUNCEMENT NO. 111 - 5 MAY 2022

For the first quarter of 2022, NORDEN reports a profit of USD 117 million (Q1 2021: USD -15 million).

NORDEN CEO, Jan Rindbo, comments:

“Great Q1 result based on strong performances in both business units as we continue to capture value in the dry cargo market through vessel sales, profitable cover and by utilising regional market volatility. By shifting our market exposure from dry cargo to tankers, combined with excellent vessel positioning towards a much-improved tanker market in recent weeks, NORDEN expects a full-year result between USD 270-350 million”.

For further information:
Martin Badsted, CFO, tel.: +45 3067 5894, e-mail: mba@norden.com
Thomas France, Investor Communications Partner, tel.: +45 3273 0629, e-mail: tfr@norden.com