Norden: We are doing better than many of our peers

In spite of Norden booking its second huge impairment in just two years, there are competitors in the market faring much worse. "The key thing is that we have the strength to withstand this," CFO Martin Badsted tells ShippingWatch.

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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