ShippingWatch

New accounting requirements impact 500 ship transactions at D/S Norden

Norden is one of the Danish shipping companies that will be hit hardest when chartered ships – as looks likely - will have to be included as owned tonnage. Norden does not believe this change will help investors.

Photo: Rederiforeningen

As one of the shipping companies relying on the “asset light” strategy, Norden will be one of the hardest hit companies when the rules for accounting for chartered tonnage will be changed. In the future, chartered tonnage will have to count as owned tonnage for the period in which the shipping company has had the ship at its disposal, as opposed to now, where ships on short or long charter simply appear as notes in the financial statements.

Norden charters ships on short- and medium-term contracts, totaling 500 ship transactions per year. If the rules are passed in their current state, every ship will have to be counted as an asset in the ledgers for the period it has been sailing for Norden.

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