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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.

Photo: PR-foto/Norden.

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.

We were actually somewhat cautious earlier this year, as we did expect the tanker market to decline"

Jan Rindbo, CEO, Norden

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