Fri 11 Aug 2023, 10:56 GMT

Norden's bunker costs fall by almost a quarter


Marine fuel expenses dropped below $200m in Q2.


Norden door plate.
Image credit: Norden

D/S Norden reports that during the three months to June 30th, bunker expenses fell by almost a quarter compared to the corresponding period in 2022.

The total amount spent on marine fuel in Q2 2023 was $192.8m, representing a year-on-year (YoY) decrease of $62.2m, or 24.4%.

Norden: Q2 Bunker Expenses ($m), 2019-23

Year Q2 ($m) +/- ($m) +/- (%)
2023 192.8 -62.2 -24.4
2022 255.0 +83.1 +48.3
2021 171.9 +30.6 +21.7
2020 141.3 -4.5 -3.1
2019 145.8
As regards data for the first half (H1) of 2023, the Danish owner-operator reports that bunker costs declined by $18.7m, or 4.3%, to $420m.

Norden: H1 Bunker Expenses ($m), 2019-23

Year H1 ($m) +/- ($m) +/- (%)
2023 420.0 -18.7 -4.3
2022 438.7 +142.9 +48.3
2021 295.8 -6.0 -2.0
2020 301.8 +7.0 +2.4
2019 294.8

Financial performance

In its financial results, Norden posted a net profit of $108.2m for Q2 (down $70.5m, or 39.5%, YoY) and $258.4m for H1 (a decrease of $37.4m, or 12.6%).

EBITDA was $114.2m in Q2 ($80.8m, or 41.4%, below Q2 2022) and $270.0m in H1 (a YoY decline of $56.5m, or 17.3%), whilst revenue fell $467.4m, or 32.9%, to $952.7m in Q2 and by $556.1m, or 22.2%, to $2,508m in H1.

Commenting on the results, CEO Jan Rindbo said: "Norden generated USD 108 million profit for Q2 based on strong earnings in both business units. A dedicated focus on customer freight services in volatile markets ensured profitable margins across both dry cargo and tankers, despite weaker market sentiment. In addition, we have delivered high cover earnings and vessel sales gains through active management of our portfolio."



Rolls-Royce mtu engine test bench. Rolls-Royce Power Systems switches German engine test facilities to HVO fuel  

Company saved 3,200 tonnes of CO2 by end of 2025 after switching to renewable diesel.

MSC Migsan delivery ceremony. Changhong International delivers final LNG dual-fuel container ship 205 days early  

Chinese shipbuilder completes 10-vessel series for MSC with delivery of 11,500-teu MSC Migsan.

Seoul city skyline. Oilmar seeks senior and mid-level bunker traders in Seoul  

Marine fuel firm aims to recruit experienced traders for South Korean operations.

Morten Thomas Jacobsen, GEA. Global Ethanol Association to present on ethanol marine fuel at London shipping expo  

Morten Thomas Jacobsen will discuss ethanol fuel trials and maritime decarbonisation challenges in June.

Adrian Tolson, IBIA. IBIA warns of structural shift in marine fuel market following Middle East tensions  

Association chair says geopolitical disruptions signal lasting changes to bunker supply dynamics and pricing.

HMM Hamburg vessel. Rotterdam bunker volumes plunge 25% in first quarter amid regulatory shifts  

Fossil fuel sales decline sharply while alternative fuels show modest growth in Dutch port.

Camellia Dream vessel. Norsepower completes factory tests for 18 rotor sails bound for Airbus fleet  

Wind propulsion units cleared for installation on LD Armateurs vessels targeting 50% emissions reduction.

Frankie Russ vessel. Ernst Russ acquires four chemical tankers with five-year charters worth $126m  

Hamburg shipowner enters tanker segment with methanol-ready newbuildings delivering from Q4 2026.

Ammonia fuel system component. Wärtsilä boosts ammonia engine power output to match LNG equivalent  

Finnish technology group raises Wärtsilä 25 Ammonia engine output, enabling simpler vessel designs.

Aerial view of a cruiseship at sea. Fincantieri secures order for three LNG-fuelled cruise ships from Princess Cruises  

Italian shipbuilder to construct vessels at Monfalcone yard, with deliveries scheduled through 2039.