Geopolitical clouds shadow Norden’s fleet expansion

Norden has raised its full-year profit forecast amidst ongoing geopolitical uncertainty and disrupted trade flows as it expands its multipurpose (MPP) and Handysize fleets to build a more resilient earnings base. The Danish shipper increased its 2026 net profit guidance to USD200-250 million, from USD180-230 million, following a Q3 net profit of USD53.9 million, compared with USD26 million in 2025. The forecast includes USD79 million in expected gains from vessel sales.

Norden said the outlook remained subject to heightened geopolitical uncertainty, with the timing of voyages potentially shifting some earnings into 2027.

Its report also identified the closure of the Strait of Hormuz as a factor weighing on volumes in several dry cargo trades, although this was more than offset by favourable supply-side conditions during Q3.

Against this backdrop, Norden signed 12 new lease agreements with purchase options in the first nine months of 2026, including seven MPP vessels and four Handysize vessels, while acquiring 15 Handysize vessels.

This story was originally published by Project Cargo Journal. Read the full story at Project Cargo Journal →