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 |
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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| Norden's bunker costs up $101m in 2021 [News & Insights] |
| Hapag posts 11% drop in H1 bunker price [News & Insights] |