Norden has upped its annual profit guidance for 2022 again on the back of the steadily improving product tanker market.

The Danish owner-operator, which has a fleet of bulker carriers and tankers, on Monday said it expects its full-year result to fall between $420m to $500m.

It was only last month that Norden raised its guidance to a range of $340m to $420m.

“We are benefitting from having shifted our short-term exposure increasingly towards the tanker market,” Norden’s CEO Jan Rindbo said on Monday.