Norden has pressed pause on a huge expansion effort as it waits to see how the latest downturn in the dry cargo market plays out.

The Danish owner has theoretical firepower of $1bn at its fingertips and its new strategy calls for continued investment allied with enhanced spot-market exposure.

However, with bulker rates falling further than expected and the Atlantic panamax market at lows seen only once in the past decade, Norden plans to keep its powder dry in the short term.

Executive