Dampskibsselskabet Ord (DPBSF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome everyone to this webcast with a presentation of the Q3 2025 report from NOAN that was published this morning. In the first part of the presentation, you'll be in a listen-only mode, which will be followed by a Q&A session. During the Q&A session, you'll be able to ask questions by pushing the pound key or hashtag followed by five on your phone's touchpad. If you're watching this webcast online, you can ask questions written in the chat below. With that, I'll hand over to CEO Jan Rembo and CFO Martin Badstedt from NOAN. Please go ahead. Thank you very much and also a warm welcome from my side to this Q3 presentation of our results. Let's dive into the numbers. In the third quarter, we delivered a net profit of $26 million. This was driven by asset management and vessel sales as we continue to realize values from our fleet portfolio. And what is also evident here is that with a rising market and rising asset values, we've seen our NAV increase by 7% in the quarter. With better than expected performance and also this rising market, we have raised our full year guidance on the 28th of October to a range now of between 100 to 140 million dollars. We've also had a busy year so far with 45 asset transactions. So this is one of the hallmarks of Norden, where we are actively using the asset markets to optimize our fleet portfolio. With that, I will hand you over to Martin Bester to take a closer look at some of our numbers. Thank you very much, Jan. So looking first into the NAV, where, as Jan said, the NAV increased 7% since the end of June to now 362 kroners per share. You will see that from the table, two-thirds of our NAV, or the fleet value at least, is in dry cargo, whereas the last part is in tankers. And, of course, also supported by a fairly ...