Copenhagen-listed Norden posted a deficit of $45.59m in the three months to the end of September, against a profit of $567,000 at this stage in 2013.
Both of its divisions were in the red, with dry cargo losing $34.39m and tankers $2.16m.
Despite the negative numbers, Norden’s figures were in line with previous guidance and its core operating deficit of $10.74m
