As 2022 winds down, Norden is bumping up its full-year expectations. The Danish bulker and tanker owner-operator said on Thursday that it expects to post a profit between $730m to 780m, up from its initial forecast range of $650m to $730m. “Norden continues to capture value in a weakened dry cargo market and a firm product tanker market through strong operational performance in both segments,” chief executive Jan Rindbo said in a statement. “Furthermore, our asset trading approach enables us to realize additional market values from our fleet of owned and leased vessels.”

The Copenhagen-listed company said its freight services and trading segment was coming in stronger than expected in both tankers and bulkers following a record result of $190m for the unit in the third quarter. It also said that its assets and logistics business has seen gains on subleases and sales. In November, Rindbo told TradeWinds Norden had significant, profitable dry cargo cover, with bulker earnings outpacing tankers despite the strengthening market there. He said the company would look to start taking more cover from product tankers and reduce the risk posed by bulkers potentially operating in a lagging global economy. Rindbo also said the company, which sold six bulkers and four MR product tankers this year, would likely sell fewer ships moving forward given dwindling opportunities to sell at strong prices. On Thursday, the company’s shares jumped DKK 7.40 ($1.06) to DKK 423.60.