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Dampskibsselskabet Norden
Dampskibsselskabet Norden (DNORD) investor relations material
Dampskibsselskabet Norden Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved a full-year net profit of USD 120 million for 2025, significantly above initial expectations, with Q4 net profit at USD 10 million, mainly driven by tanker activities and asset management.
Operated an average of 405 vessels, carrying 129 million tonnes of cargo, with a global presence across 19 offices and 50 nationalities.
Maintained a cycle-adaptive, disciplined business model focused on capital allocation, flexibility, and shareholder returns.
Continued expansion in fleet and purchase options, with 25 new leases, 1 vessel purchase, and 90 purchase options (40 in the money) at year-end.
Expanded logistics and MPP/project cargo segments through M&A and new contracts, including acquisitions in Southern Africa and the Indian Ocean.
Financial highlights
NAV at year-end was DKK 379 per share, down 11% due to FX effects but up 5% quarter-over-quarter, and positive in USD terms after adjusting for dividends and buybacks.
Return on invested capital (ROIC) reached 8.9% for 2025.
Strong operational cash flow of USD 378 million in FY 2025, with cash and cash equivalents at year-end of USD 382.1 million.
Portfolio value split: 2/3 Dry Cargo (DKK 917 million), 1/3 Tankers (USD 428 million).
Very low leverage and strong financial position, with annualized shareholder returns of 40% per year since 2021.
Outlook and guidance
2026 net profit guidance set at USD 30–100 million, including USD 20 million in gains from already signed vessel sales, reflecting only known transactions and significant open positions.
Guidance is based on current market expectations, with upside potential if market conditions improve or further profitable vessel sales occur.
Some rate weakness expected in tankers in H2 2026 due to increased newbuilding deliveries.
Strategy aims to reduce earnings volatility while maintaining high returns, focusing on more stable, capability-driven earnings.
MPP/Project Cargo: expected earnings contribution
Reconcile 2026 guidance with 2025 profit
Monetization of in-the-money purchase options
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Next Dampskibsselskabet Norden earnings date
Q1 20266 May, 2026
Dampskibsselskabet Norden
Next Dampskibsselskabet Norden earnings date
Q1 20266 May, 2026
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Frequently asked questions
Dampskibsselskabet Norden A/S, commonly known as Norden, is a Danish shipping company that operates in the dry cargo and tanker shipping sectors. The company provides global transportation services for bulk commodities such as coal, grain, and iron ore, as well as oil and other petroleum products. Norden's fleet consists of dry cargo vessels, including Panamax and Supramax ships, and tanker vessels. The company engages in both owned and chartered shipping operations, offering flexible freight solutions to customers worldwide. The company is headquartered in Hellerup, Denmark, and its shares are listed on the OMX Copenhagen Stock Exchange.
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