Copenhagen-listed Norden is now forecasting an operating profit of between $70m and $100m this year, an upturn from the improved $50m to $90m guidance issued in June.
Jan Rindbo, chief executive of the shipowner, said: “The Tanker market is expected to continue with high rates for the rest of the year, and on that background we raise the expectations for this year’s result.”
It came as Norden recorded its best quarterly performance in three and a half years in the three months to the end of June.
Operating profit of $36m beat the $27m loss of a year ago following the strongest ever performance from its tanker division.
The result was well ahead of the $17.5m consensus.
Norden described the dry cargo market as very weak with the division benefiting from a $6m settlement dating from 2010, without which it would have broken even.
Rindbo added: ”Norden has performed well during the first half of 2015.
“Our tanker business has utilised the particularly strong markets to generate its best quarterly operating result ever.
“At the same time, as a result of good coverage and sound business acumen, our dry cargo business has made it decently through an otherwise historically poor first half-year for the dry cargo market.”
