NORDEN Dampskibsselskabet Norden
Dry Bulk · Panamax / Supramax / MR · 146 documents
Dampskibsselskabet Norden's 81-vessel dry bulk fleet — 52 Dry and 29 Tanker — should earn about $25,517 a day in 2026Q3 and pay DKK 2.00 a share. That is our forecast (PATTERN).
Yields annualise each quarter ×4 at the last close, $55.81 (2026-10-19). Our model is not company guidance.
What will Dampskibsselskabet Norden pay for 2026Q3?
Our rates vs market $/day
| Class | Our model | Spot now |
|---|---|---|
| MR | $34,223 | $68,317 |
| Dry | $20,662 | — |
No bookings published for 2026Q3.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| MR | $15,8682026Q2 · fleet avg | —none printed | $68,3172026-10 median · 2 routes | +136% |
| Dry · 52 | $15,8682026Q2 · fleet avg | —none printed | —licensed index only |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for dry, MR: no off-hire or drydock days are deducted there. |
7,452 | 7,452 | |||||||||||||
By class
| |||||||||||||||
| Fleet TCE, $/day assumed | 25,517 | 25,517 | |||||||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
190.2 | 190.2 | |||||||||||||
Vessel opex, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. Source (2026Q2) |
(884.8) | ||||||||||||||
G&A, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. Source (2026Q2) |
(29.9) | ||||||||||||||
EBITDA, $mNeeds vessel opex and G&A on a per-day basis; derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. |
— | — | |||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | ||||||||||||||
Interest expense, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. Source (2026Q2) |
(7.8) | ||||||||||||||
Scheduled debt amortisation, $m statedAs reported for 2026Q4. Disclosed, but no break-even derives from them: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. |
(12.1) | ||||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||||||
Cash break-even, $/dayNo cash break-even: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. |
— | — | |||||||||||||
| Cushion vs fleet TCE, $/day | — | — | |||||||||||||
Free cash flow to equity, $mNo cash break-even: derived $125,419/day is outside the plausible band $3,000-$120,000/day — inputs are wrong, not the company. |
— | — | |||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||||||
Dividend policy pattern
No stated payout policy on file.
Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, DKK /share pattern | DKK 2.00 | ||
| Forward yield, run-rate % | 2.2% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the DKK 371.63 close on 2026-10-19.
This dividend is set by declared rate held flat, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): DKK 8.00/yr · @ $55.81 (as of 2026-10-19) = 2.2% yield (spot-exposure scenario) · Trailing TTM DKK 8.0/yr = 2.2%
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where NORDEN departs from that
- Dividends are declared in DKK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | — | DKK 2.00 | — |
| 2026Q4 E | — | DKK 2.00 | — |
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2026-Q2 | DKK 2.00/share | regular | — | — | as of 2026-08-13 read by hand from the filing · high |
| 2026-Q1 | DKK 2.00/share | regular | — | — | as of 2026-05-06 read by hand from the filing · high |
| 2025-Q4 | DKK 2.00/share | regular | — | — | as of 2026-02-04 read by hand from the filing · high |
| 2025-Q3 | DKK 2.00/share | regular | — | — | as of 2025-10-30 read by hand from the filing · high |
| 2025-Q2 | DKK 2.00/share | regular | — | — | as of 2025-08-14 read by hand from the filing · high |
| 2025-Q1 | DKK 2.00/share | regular | — | — | as of 2025-05-01 read by hand from the filing · high |
| 2024-Q4 | DKK 2.00/share | regular | — | — | as of 2025-03-12 read by hand from the filing · high |
DPS method: declared rate held flat.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
52× dry · 29× tanker current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| MR | 0 | — | — | — | — | 34,223 | 34,223 | — | 91.3 |
| Dry | 52 | — | — | — | — | — | 20,662 | — | 98.8 |
| Total | 52 | 25,517 | — | 190.2 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians and the median of the bucket's classes for the open days.
Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.
Model gaps & assumptions
panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · panamax: no fixed-coverage guidance -> 100% spot proxy · supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · supramax: no fixed-coverage guidance -> 100% spot proxy · mr: no fixed-coverage guidance -> 100% spot proxy · index realization not applied: fewer than 2 closed quarters with both a reported spot (or fleet) TCE and an index rate for this fleet — the open share is priced at the full index, which this issuer has not been shown to capture · dry: NORDEN publishes no per-class split — the fleet file records one "dry" bucket covering panamax, supramax, so its 4,784 vessel-days are priced ONCE as a bucket at the median of its member classes (panamax $21,375/day, supramax $19,950/day), not per class; the median of classes the issuer never split is weaker evidence than a class reading its own rate · mr: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $34,223/day, not the newest month (owner 2026-10-19) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS is the declared rate: DKK 2.000 in each of 6 quarters (2025Q1, 2025Q2, 2025Q3, 2025Q4, 2026Q1, 2026Q2) — held flat, so it is not modelled from TCE
Forecast accuracy — fleet TCE
The model's fleet TCE for each quarter — the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate — scored against the TCE the company went on to report. Error is model minus reported, as a share of reported — positive means the model was too high.
| Quarter | Model TCE | Reported TCE | Error |
|---|---|---|---|
| 2026Q2 | $44,000/day | $15,868/day | +177.3% |
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $1,047.4M | — | — |
| Opex | $884.8M | — | — |
| Net income | $100.8M | — | — |
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 1,047.4 | — | — | — | — | — |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | 884.8 | — | — | — | — | — |
| G&A $M | 29.9 | — | — | — | — | — |
| Depreciation $M | 66.1 | — | — | — | — | — |
| Interest expense, gross $M | 7.8 | — | — | — | — | — |
| Net income $M | 100.8 | — | — | — | — | — |
| Declared DPS | DKK 2.00 | DKK 2.00 | DKK 2.00 | DKK 2.00 | DKK 2.00 | DKK 2.00 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 15,868.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Issuer guidance — forward-looking
No current-quarter guidance on file.
Historical guidance (1 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026FY | FY2026 net profit guidance (raised lower end, narrowed) | 140.0 USD millions | — | 2026-08-13 | — |
Sources — press, filings & documents
Interim updates since 2026Q3
- other low 2026-10-12T09:52:10 A/S Motortramp participates by continuously selling shares pro rata, and the market is informed – see attached file and announcements no. 18… source
- other low 2026-10-12T09:52:10 In connection with the announced share buy-back program in NORDEN, A/S Motortramp continuously sells shares pro rata and the market is to be… source
- other low 2026-10-09T09:42:49 Company Announcement no. 239/2026 (October 09, 2026) source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 10 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 10 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 10 source
- dividend high 2026-10-09T09:42:49 X-dag kvartalsutdelning DNORD 15 source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 30.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag bonusutdelning DNORD 30 source
- dividend high 2026-10-09T09:42:49 X-dag bonusutdelning DNORD 30 source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 18.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 9.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 2.50 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 2.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 0.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 0.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 0.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 0.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 5.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 3.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 4.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 8.00 DKK source
- dividend high 2026-10-09T09:42:49 X-dag ordinarie utdelning DNORD 7.00 DKK source
- other low 2026-10-09T09:41:21 NORDEN initiated a share buy-back programme in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 20… source
- other low 2026-10-09T09:41:21 The share buy-back programme runs from 14 August 2026 up to and including no later than 22 October 2026. source
- other low 2026-10-09T09:41:21 Under the share buy-back programme, NORDEN will purchase shares for up to a total of USD 25 million (approximately DKK 162 million). source
- other low 2026-10-09T09:41:21 Since the share buy-back programme was initiated on 14 August 2026, the total number of repurchased shares is 333,900 at a total amount of D… source
- other low 2026-10-09T09:41:21 NORDEN holds a total of 2,759,145 treasury shares, corresponding to 9.20 %. source
- other low 2026-10-09T09:41:21 The total number of shares in NORDEN is 30,000,000. source
- other low 2026-10-09T09:41:21 Adjusted for treasury shares, the number of shares is 27,240,855. source
- other low 2026-10-09T09:41:21 During the same period (02/10-26 – 08/10-26), major shareholder, Motortramp A/S, has sold 12,928 shares. source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
- dividend high 2026-10-09T09:41:21 X-dag kvartalsutdelning DNORD 2 source
Market: MR FFA curve $41,500/day
Press & filings by quarter
Recent documents
- mfn 2026-10-20T09:15:00 Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med Dampskibsselskabet NORDEN A/S’ aktier i forbindelse med aktietilbagekøbsprogram (2026-10-20)
- mfn 2026-10-20T09:15:00 Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program (2026-10-20)
- mfn 2026-10-19T09:15:00 Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med Dampskibsselskabet NORDEN A/S’ aktier i forbindelse med aktietilbagekøbsprogram (2026-10-19)
- mfn 2026-10-19T09:15:00 Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program (2026-10-19)
- mfn 2026-10-16T09:15:25 Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med Dampskibsselskabet NORDEN A/S’ aktier i forbindelse med aktietilbagekøbsprogram (2026-10-16)
- mfn 2026-10-16T09:15:25 Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program (2026-10-16)
- mfn 2026-10-16T09:13:57 Dampskibsselskabet NORDEN A/S – ugentlig rapportering om aktietilbagekøb (2026-10-16)
- mfn 2026-10-16T09:13:57 Dampskibsselskabet NORDEN A/S – weekly report on share buy-back (2026-10-16)
- mfn 2026-10-15T09:15:00 Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med Dampskibsselskabet NORDEN A/S’ aktier i forbindelse med aktietilbagekøbsprogram (2026-10-15)
- mfn 2026-10-15T09:15:00 Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program (2026-10-15)
- mfn 2026-10-14T09:15:00 Indberetning af ledende medarbejderes og disses nærtståendes transaktioner med Dampskibsselskabet NORDEN A/S’ aktier i forbindelse med aktietilbagekøbsprogram (2026-10-14)
- mfn 2026-10-14T09:15:00 Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program (2026-10-14)