Danish owner-operator Norden had another profitable year in 2023 but was far from the blockbuster levels seen the previous year.

The firm, which owns and operates bulkers and product tankers, said freight rates for both generally declined last year against a challenging backdrop of weaker economic growth, unwinding of supply chain bottlenecks and rising geopolitical events.

Norden booked an annual result of $400m last year, down from $743.5m