Norden loses on bulk – gains on tank
Norden came out of the second quarter with a loss in dry cargo business of $7 million. However, it is an improvement over the deficit in the same period last year of $11 million. The tank business earned $3 million for Norden.
Overall, Norden came out of the second quarter with a minus of $3 million.
The increase in dry cargo was driven by rising Chinese imports compared to last year, which supports the ever-increasing markets, while the tank business experienced worsened markets throughout the quarter.
"In dry cargo, the gradual improvement of both the market conditions and our earnings continues at losing levels. Strategically, we’re building a strong platform for increased value creation in dry cargo through the division of the business into two separate units: Operator and Shipowner.
In Tank, Norden made the best of a very challenging market and generated a profit while
increasing capacity at attractive cost levels. Combined with continued savings in annual operating costs and highly skilled employees, Norden is thus well positioned for rising markets in both dry cargo and tank in the future," says Managing Director Jan Rindbo.
Source: Norden / Maritime Denmark