CEO Jan Rindbo says:

“NORDEN generated a positive result in a quarter characterized by a strong winter market in tankers and a dry cargo market on the brink of collapse. NORDEN had anticipated a weak dry cargo market, but not even swift and agile response in Dry Operator could offset rates being halved within a three-week period. Dry Owner, however, was well protected against the weak market due to high coverage and generated a break-even result, while the Tanker business was well positioned towards a very strong winter market and delivered a good result.”