Norden takes long-term view as it navigates market’s downturn and profit slump
- Norden saw 2024 profit fall to $162.7m, compared with $400.1m in 2023
- Chartering division dragged down by negative dry cargo margins due to a short position
- Strategy of shipowning and chartering in both dry cargo and tanker sectors effective in offsetting good years with bad
- Project cargo business to generate 10% of revenues
By combining its shipowning asset division with its asset-light chartering business, Norden chief executive Jan Rindbo says the company can more effectively ride the boom and bust cycles of shipping markets
