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."



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