Weak Markets Push Norden into Loss

Image Courtesy: Norden

Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) ended the third quarter of 2016 with a loss of USD 12 million, against a profit of USD 18 million seen in the same quarter of 2015.

The company’s tanker activities generated a loss of USD 4 million for the period, against a profit of USD 32 million reported a year earlier, mainly driven by a significant deterioration of the market rates in the second half of 2016.

In the dry cargo market, the slight increase in rates from the second quarter continued, however, rates are still at the level of operating expenses, and the company’s dry bulk sector managed to narrow the quarterly loss to USD 8 million, from a loss of USD 14 million noted in the same period of 2015.

“Overall, the third quarter developed as expected and finishes, despite our efforts, with an unsatisfactory result as a consequence of market developments,” Jan Rindbo, CEO  of Norden, said.

“Our early focus on increasing coverage in Tankers combined with the sale of tanker vessels have reduced our exposure to a severely hit tanker market, while in Dry Cargo we are preoccupied with getting the best out of the very poor market,” Rindbo added.

During the quarter, the company agreed to sell two Handysize tankers, one of which was delivered to a new owner in August, while the other was delivered in October.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

INMEX SMM India 2017

Combining the forces of Maritime industry’s two biggest events, the unified edition of INMEX SMM India brought together the most exclusive…

read more >

LIQUEFACTION OF BULK CARGOES SEMINAR

GET TO GRIPS WITH:
– Mechanisms behind liquefaction
– Guidelines and regulations for bulk cargoes prone to liquefaction…

read more >

Seatrade Offshore Marine & Workboats Middle East

The largest event for offshore marine and workboat sectors in the region, Seatrade Offshore Marine & Workboats Middle East will, once again, serve as a meeting point for international industry professionals to come together and do business. Our 2017 show promises a wealth of networking opportunities, high-level discussions in our conferences on important industry trends, […]

read more >

The Future-Ready Shipping Conference 2017

The Future-Ready Shipping Conference 2017 – the joint Singapore-IMO International Conference on Maritime Technology Transfer and Capacity-Building…

read more >