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”.