An above market showing from its dry-cargo fleet could not prevent the Danish owner slipping to an operating loss in the three months to the end of September.
Carsten Mortensen, CEO of Norden, was not downhearted by the showing given the tricky nature of today’s markets in which the company remains financially strong.
He said: "I am very pleased that Norden generates a positive cash flow from operations of $29m in the third quarter despite challenging market conditions.
“This is what counts in times like these.”
Norden posted a core operating profit of $23m, down from $36m a year ago and short of the $26m predicted by analysts.
High contract coverage meant its dry-cargo division outperformed the market, in what was the weakest quarter for...
