It had previously guided for a $40m gain to $40m loss.
Norden’s stock shot up as investors digested the news, reaching a high of DKK 177.70 in morning trading.
They last changed hands at DKK 170.80 each, up almost 5% from its opening DKK 163.20.
DNB Markets says the EBITDA guidance issued by Norden compares to the $33m Bloomberg consensus.
“Norden has raised its guidance on tankers and dry bulk on the back of stronger tanker fundamentals and higher coverage in dry bulk,” analysts Nicolay Dyvik, Oyvind Berle and Petter Haugen said in a report.
“[The] mid-point 2015 EBIT guidance has been raised from zero to $70m, which is three times higher than our forecast of $24m and two times higher than Bloomberg consensus at $33m.”
Eirik Haavaldsen of Pareto Securities believes further upgrades could be around the corner.
“Due to the stronger than expected product market and positive outlook for the remainder of the year we would not rule out guidance increase at a later point this year,” he said in a report this morning,
“As such we see limited risk of further estimate downgrades – with the opposite being more likely.
“Norden is cementing its position as the relative long in the drybulk space – with significant leverage to product tanker rates.”
