Clarksons Securities is still backing Danish owner-operator Norden as a bulker bet, but says other companies are more attractive.
Norden booked net profit of $62m in the first quarter, down from $150m a year earlier, as its trading divisions lost $27m due a short position on dry bulk.
Excluding this unit, Clarksons analysts led by Frode Morkedal calculated Norden’s net asset value at DKK 310 ($44.5m)
