Norden CEO rules out chance of profit in 2016

A weaker tanker market in the first half of the year eliminated Norden's hopes of a small profit for 2016. The downturn in the tanker market came faster than expected, CEO Jan Rindbo tells ShippingWatch.

BY OLE ANDERSEN

The slowdown in the market for product tankers, which has since 2014 served as Norden's main buffer against the meltdown in the global dry bulk sector, emerged somewhat faster than the Danish dry cargo and tanker carrier anticipated, admits Norden CEO Jan Rindbo following a second quarter interim report in which the carrier downgrades its full-year guidance to net deficit in the range of USD 60-20 million against a previously expected result of USD -60 to USD 30 million.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles

Receive our daily newsletters

Access our app

Get full access for you and your coworkers

Start a free company trial today

Norden lost USD 19 million in first half of 2016
For subscribers
Norden CEO Rindbo's tough balancing act
For subscribers
Extremely low rates hit Pacific Basin result
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Halvor Sveen is chief executive of Oslo-based shipping bank Maritime & Merchant. | Foto: Marine Money/Oscar May

Suppliers

Maritime & Merchant notes fierce competition in loans for shipping

Maritime & Merchant Bank took a close look at peer Danish Ship Finance, which was recently sold.

Erling Braut Haaland buys up in Norwegian shipping bank

Norwegian shipping bank expands portfolio despite container downturn

For subscribers

Logistics

Packed container ships trigger surge in air freight demand

For subscribers

The penal code provision on trespassing is used when someone enters private property without permission. | Foto: Jens Dresling/Ritzau Scanpix

Container

14 arrested at demonstration in front of Maersk headquarters

For subscribers

Chief executibe of Wallenius Wilhlemsen Lasse Kristoffersen, and chief executive of Höegh Autoliners Andreas Enger. | Photo: Wallenius Wilhelmsen and Javad Parsa

Carriers

Norwegian car carriers bag multi-year contracts

For subscribers

Foto: Hannibal Hanschke/Reuters/Ritzau Scanpix

Regulation

IMO's fossil fuel ban in the Arctic faces criticism

For subscribers

Container

Record influx of container ships this year will not cause trouble until 2025

For subscribers

Cosco and CMA CGM expect further pressure on major European ports

French CMA CGM is expanding capacity on the Asia-Europe route to ease peak season congestion over the summer.

For subscribers

”We are very happy with how our new organization is working and we are hearing the same from our customers,” writes Kuehne+Nagel about the reorganization implemented at the company in early spring. | Foto: Daniel Reinhardt/AP/Ritzau Scanpix

Kuehne+Nagel triggers unrest among staff with new management structure

The logistics major may have lost talent and created confusion, according to current and former managers. The company does not share the concerns.

For subscribers

Dry cargo carriers discussed the green transition at Marine Money Week. | Foto: Foto: Marine Money Week

Dry bulk players dismiss green fuels in favor of low-hanging fruits

Bulk majors Golden Ocean, Genco and Navios do not see a consensus on green fuels for bulk shipping in the short term.

For subscribers

Less than one percent of the container fleet is currently idle

New data shows that only 77 container ships in the entire global fleet are not working, a number not seen since the pandemic.

For subscribers

Foto: Bernd Von Jutrczenka/AP/Ritzau Scanpix

Congestion in Asian ports is now as bad as during Covid

The Port of Singapore has not seen such pressure from high container volumes since the pandemic as nervous shippers move forward the peak season.

For subscribers

Analysis: Capesizes have become too expensive despite strong market

Since late 2023, the purchase and sale of second-hand capesizes has increased significantly. The price of newbuilds is also at its highest in 15 years.

For subscribers