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."



Bermuda Container Line (BCL) logo. Bermuda Container Line imposes emergency bunker surcharge citing Iran War fuel price spike  

Shipping operator to add $150 per TEU charge from 1 May amid geopolitical fuel cost pressures.

China flag. Zhejiang’s first methanol-powered container ship launches in Jiaxing  

Vessel uses methanol propulsion technology to reduce carbon dioxide emissions by 90%.

TES flag with a model vessel in the background. TES joins SEA-LNG coalition to advance e-methane as marine fuel  

Green energy company targets 1m tonnes annual e-methane production by 2030 for shipping decarbonisation.

Ethanol and methanol workshop graphic. IBIA to host workshop on ethanol and methanol marine fuels during Singapore Maritime Week  

Half-day event will examine alcohol-based fuel pathways and integration into shipping’s multi-fuel landscape.

Steel-cutting ceremony for 13,000-dwt vessel. ROC begins construction of second chemical tanker for Essberger  

Chinese shipbuilder holds steel-cutting ceremony for 13,000-dwt methanol-ready vessel with ice class capability.

Norsepower and CHIC sign agreement. Norsepower and Cosco Shipping Heavy Industry Equipment sign wind propulsion cooperation agreement  

Wind propulsion technology provider partners with Chinese shipyard to scale rotor sail production.

Wärtsilä logo. Shipping firms struggle to prioritise decarbonisation investments amid regulatory uncertainty, Wärtsilä survey finds  

Survey of 225 maritime executives reveals 70% say uncertainty hinders investment decisions despite regulatory pressure.

IMT Isca G-Flex vessel render. Longitude Engineering unveils IMT Isca G-Flex PSV design with alternative fuel capability  

Naval architecture firm launches adaptable platform support vessel design based on the IMT-984 G-Class hull.

Philippos Ioulianou, EmissionLink. Shore power infrastructure is key to cutting ferry emissions in European cities, says EmissionLink  

Port electrification is needed to enable vessels to switch off engines at berth, reducing urban pollution.

Maritime and Port Authority of Singapore logo. Singapore prioritises maritime resilience amid geopolitical uncertainty, eyes digitalisation and green fuels  

MPA chief outlines the sector’s adaptation to supply chain disruptions while advancing automation and alternative fuels.