Image credit: Norden

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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."