Tschudi sees risks from struggling mine project

Kirkeness in northern Norway is one of the Tschudi Group's core areas, but a flailing mine project is causing great losses for the company and risks threatening the group, writes management in its annual report, according to Norwegian daily Dagens Næringsliv.

Photo: Tschudi Shipping Company

The mine 'Sydvaranger Gruve' has become an enormous problem for the Norwegian shipping and logistics group Tschudi. Declining iron ore prices put the company in an alarming situation this past year, a development that has also hit Tschudi Shipping Company, which is connected to the mining company, reports Norwegian business daily Dagens Næringsliv, citing the company's annual report.

"We own Tschudi Bulk Terminal in Kirkenes, where Sydvaranger Gruve is a major customer. If we lose a customer that big, it will cause a significant loss of income," says CEO Jon Edvard Sundnes to the newspaper.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Stolt-Nielsen reports best quarterly profit in years

Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates in the chemical tanker market and predicts further improvement in the market. The company is, however, not quite ready for ordering newbuilds.

Skuld opens new office in Tokyo

Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.

Further reading

Related articles

Latest news

See all jobs