NORDEN (One-pager): Softer rates weigh on Q3 2024 and remainder of 2024
Read the latest NORDEN One-pager following the Q3 2024 results. The One-pager updates the investment case, key investment risks, key investment reasons, and relative valuation against its peer group. In Q3 2024 NORDEN announced a new share buyback program for USD 12m but reduced the top-end of its net profit guidance, now expecting USD 160-210m for the year 2024, from USD 160-240m previously, following softer rates, particularly in the product tanker market.
Learn more about NORDEN’s unique business, performance YTD, outlook, and positioning for 2025 and more by catching up on the latest Q3 2024 earnings presentation hosted with NORDEN CFO Martin Badsted (in Danish).
Link: https://www.inderes.dk/videos/norden-praesentation-af-regnskabet-for-q3-2024
Disclaimer: HC Andersen Capital receives payment from NORDEN for a DigitalIR/Corporate Visibility agreement / Philip Coombes 12:05 06/11/2024.
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D/S Norden
NORDEN is an internationally operating shipping company with 12 global offices, headquartered in Copenhagen, Denmark, and listed on Nasdaq OMX Copenhagen. The company is present in the dry cargo and product tanker markets with a combination of operator and asset trading activities. NORDEN’s trading-oriented business model is based on the two business units ‘Assets & Logistics’ and ‘Freight Services & Trading’ – dividing the business into asset trading and operator activities. The company’s business activities are based on an asset-light trading strategy, only owning a small percentage (~5%) of its total operated vessel fleet consisting of close to 500 vessels. The agility of the business model enables NORDEN to continuously adjust short-term market exposure towards dry cargo and product tanker market developments while capitalizing on asset trading opportunities. In-house data and advanced analytics, risk management, and market research provide a data-driven approach to shipping, making proactive use of volatile markets.
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