Norwegian containership owner Thor Dahl Shipping has conducted a huge writedown of its investments, with book equity reduced from NOK 111m ($13.9m) to NOK 9m at the end of 2016.
Managing director William L’Orange says it was done to reflect “the terrible market last year” and is in line with broker estimates.
He adds that it is too early to say whether the values will be increased again this year, “but it surely looks much better, especially as strength has been maintained over the summer so far”.