ShippingWatch

Norden CEO after tanker downgrade: Third quarter was worse than expected

A calculation error by about USD 15 million made Norden downgrade its 2019 guidance. But the tanker market also saw weaker developments than expected in the third quarter, CEO Jan Rindbo tells ShippingWatch.

Photo: Lars Krabbe/ERH

A calculation error by around USD 15 million was not the only factor leading shipping company Norden to downgrade its 2019 guidance on Thursday.

The mistake was rooted in the new accounting standard IFRS16, which Chief Executive Jan Rindbo describes to ShippingWatch as "pretty complex".

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