Dampskibsselskabet Norden (DNORD) Q4 2024 earnings summary

Executive summary

• Achieved net profit of $163 million and 14% ROIC for 2024, surpassing the 12% long-term target despite challenging markets and geopolitical uncertainties.

• Maximized returns through $82 million in vessel sales and increased cargo and TC cover.

• Expanded platform with the acquisition of Norlat Shipping and investments in modern, fuel-efficient vessels.

• Returned $100 million to shareholders via dividends and share buybacks in 2024.

Financial highlights

• FY 2024 group net profit: $163 million; Q4 net profit: $30 million; Assets & Logistics net profit: $236 million, driven by $82 million in vessel sales and high earnings coverage.

• Freight Services & Trading posted a full-year net loss of $74 million, with Q4 loss of $11 million marking its best quarter.

• NAV at year-end was DKK 425 per share.

• EBITDA for FY 2024: $432 million.

Outlook and guidance

• 2025 net profit guidance set at $20–100 million, reflecting lower expected sales gains, high geopolitical uncertainty, and weaker market expectations.

• Includes $16 million in sales gains from already agreed transactions.

• FST margins per day expected to improve in 2025, especially in dry cargo; tanker rates remain uncertain.

• Positioned with a short in dry cargo and open tanker days to benefit from market volatility.