Norden lost USD 416 million in 2014

Norden finished 2014 with a massive USD 416 million deficit. The carrier has performed drastic measures during the collapse of the dry bulk industry.

Photo: Norden

Norden suffered a net deficit of USD 416 million in 2014, a that brought an extremely low market for the dry bulk carriers, according to the company's annual report, published Wednesday morning. The net result was affected by provisions and impairments for millions of USD. The troubling market has forced the carrier to take drastic measures.

The carrier has reduced its dry bulk fleet by 21 percent, according to the report.

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