Norden may have achieved a USD 37 million profit in tanker in the third quarter, but the same period also cost the bulk carrier USD 9 million. This is despite the fact that Norden made a modest profit on bulk in the first two quarters of the year, and the carrier described the market as "challenging, but better than the first half of the year."

The explanation lies in the degree of Norden's bulk coverage at the beginning of 2015, explains the carrier's CEO Jan Rindbo.