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Investing.com -- Norden A/S shares rose 5% after the company reported third-quarter net profit of $26 million, significantly exceeding analyst estimates of $2 million.
The company released its results ahead of the scheduled October 30 reporting date. The Q3 profit compares to $52 million in the second quarter and $25.1 million in the same period last year.
Norden has raised its full-year 2025 guidance to $120 million (mid-point), up from its previous guidance of $100 million (mid-point). The new outlook is well above current analyst forecasts of $94 million.
The updated full-year guidance includes $73 million in capital gains from vessel sales, representing a $3 million increase from previous guidance. These gains reflect the sale of 22 vessels, with 15 coming from exercised purchase options.
In the second quarter of 2025, Norden reported 59% MR coverage at approximately $22,212 per day at a cost of about $18,353. This compares with a year-to-date market rate of approximately $20,227 as of October 24, according to Clarksons.
For Dry Cargo, the company reported 118% coverage at approximately $14,429 per day at a cost of about $14,213, compared with a year-to-date market rate of approximately $13,145 for the weighted average for Dry Bulk.
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