Norden is perhaps one of the few shipowners that has proven its ability to take volatile, fast-changing markets and generate cash — serious cash.

The owner-operator of bulkers and tankers has been on a mission over the past few years to become more “trading-orientated”, light in assets and heavy on data to inform commercial decisions.

The results have been borne out of the big profits generated this year so far (see box), which have already outstripped the net income Norden recorded for 2021 as a whole.