Norden has raised its profit guidance for 2020 by an extra $30m after seeing a boost in results for its operated bulker fleet during the second quarter.
The Danish shipowner-operator, which also has a product tanker fleet, has raised its expectations for its full-year adjusted result to $70m to $110m (DKK 445m to 700m).
This is up from the previous expected range, which was $40m to $80m.
Norden's chief executive Jan Rindbo said the company's bulker-operating unit had generated better returns by being in the right place at the right time.
"Dry operator is capitalising on having proactively chartered period vessels in the last quarter combined with efficient regional positioning of these vessels during the third quarter," he commented.
"This has enabled the business unit to enter into contracts with significantly better margins than previously expected."
The dry operator business unit expects to realise an adjusted result for 2020 that exceeds what it achieved in both 2018 and 2019.
Norden said its expectations for the unit have been boosted by higher margins per vessel day as well as growth in activity levels, as measured in the number of vessel days.
"The dry operator result is created in the wake of an otherwise very challenging market environment for dry cargo and is in line with Norden’s strategy of following a more agile business approach, which allows the asset-light business unit to capitalise on market volatility through trading-oriented operator activities," Rindbo added.
Norden said its two other business units — Asset Management and Tanker Operator — are developing "in line with previously announced expectations".
The firm this year launched a new dividend policy, under which it aims to pay out at least 50% of its annual adjusted result in distributions to shareholders.
