It has been a while since the financial reports have brought good news from a carrier in dry bulk. But in the first quarter of the year, carrier Norden can actually present improvements unlike many other players in the sector. However, this is not a sign of recovery in the dry bulk market. Far from it. It is actually more a sign of the fact that the carrier's strategy is paying off right now, as the product tanker market has definitely taken off.

"Every dry bulk carrier is trying to avoid burning too much cash and in this respect, it is an enormous strength for us that we have the tanker business which is currently contributing positively. We're reaping the rewards from our diversification strategy now," Martin Badsted, Executive Vice President of Norden, tells ShippingWatch in a comment on the financial report, where the carrier achieved a result of USD 38.6 million compared to a deficit of USD 26.5 million.