ShippingWatch

Poor shipping market pushes Tschudi toward logistics

Norwegian Tschudi Shipping Company's conventional shipping business is not profitable. This year the company has sold two ships, while one ship left the fleet in 2013. This has increased the focus on other parts of the business, says CEO.

The market for smaller vessels has yet to experience a noticeable improvement, and this can be felt at Norwegian Tschudi Shipping Company, which in addition to its shipping activities also operates in several other business segments, such as logistics, offshore, ship management, and the Arctic. But where the other business areas, according to CEO Jon Edvard Sundnes, are developing positively, the shipping business is lagging behind and is currently not profitable for the company.

"The conventional shipping business is marred by operating in a market for smaller ships that has yet to experience a noticeable improvement. We are in the smaller segments, such as multipurpose and minor container ships, where the market has been low and continues to be so. We've seen some improvements in certain areas at times, but the segment is currently not profitable," he tells ShippingWatch.

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