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."



Molgas Energy logo. Molgas completes acquisition of Prima LNG’s Irish business  

Molgas takes over Prima LNG’s Irish customer portfolio, including a Mondelez manufacturing site, as part of its expansion.

Levante LNG vessel. Peninsula marks three years of LNG bunkering with Levante LNG  

Bunker supplier reports zero claims and CO₂e cuts as LNG bunker vessel completes three years of operations.

Sea Leader FZCO logo. Sea Leader begins physical bunker supply operations in eastern India  

Company completes first bunker delivery after registering with India's shipping authority.

Wega and Deneb vessels render. Auramarine to supply methanol fuel systems for German hydrographic research vessels  

Finnish firm signs deal with Gondan Shipbuilders to equip two new vessels for Germany's maritime agency.

Mitsui-Everllence B&W 6S50ME engine render. Mitsui E&S secures first order for dual-fuel engines from Indian shipyard  

Six LNG-fuelled engines will power chemical tankers built by Swan Defence and Heavy Industries in Gujarat, India.

Jamaica bunkering hub study presentation. Study maps route for Jamaica to become regional hub for alternative marine fuels  

Research identifies Jamaica's location, port traffic and existing LNG infrastructure as foundations for a regional alternative marine fuels hub.

A2B Progress vessel. A2B-online orders two more methanol-fuelled vessels for shortsea network  

Dutch shortsea operator expands newbuild series to four ships, adding methanol propulsion and battery capacity for emission-free port calls.

Höegh Autoliners and BYD Energy Storage cooperation agreement signing. Höegh Autoliners signs battery deal with BYD for ammonia-ready car carrier  

Ro-ro shipper teams up with BYD Energy Storage to combine batteries, solar power and ammonia-ready propulsion on a single car carrier.

Hercules Angelica vessel. Hercules Tanker Management adds new Ultra-Spec tanker to fleet with FAME cargo run  

Hercules Angelica begins maiden voyage carrying FAME from Malaysia to the UK/ARA region.

SHI and Morimura sign MoU. Samsung Heavy Industries and Japan's Morimura to jointly develop solid oxide fuel cells for ships  

Companies target 2028 commercialisation of SOFC technology for merchant vessels and floating data centres.