Spot rates have plummeted to the same level as the costs, so this must be rock bottom, noted Norden CEO Jan Rindbo in relation to the carrier's third quarter interim report, published on November 11th 2015.
Only a little more than two months have passed since then, and in the meantime the rates have done nothing but slide. In fact, the rates have dropped so much that Norden has just announced write-downs and provisions for USD 340 million in its dry bulk business due to the fact that asset values plunged in late 2015, and because certain chartered vessels are fixed on contracts that exceed the current rate level.
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