Citing the “very weak” tanker spot market, Norden has become the second Danish owner in consecutive days to lower its full year financial forecast.
Norden warned yesterday it might not even make a profit, lowering its full year forecast to anywhere from $0 to $30m, down from an earlier prediction of $10m to $50m.
The downgrade comes despite Norden upping its estimate for how it will perform on the dry operating side.
“The Tanker market has worsened throughout 2018 and is currently at unexpectedly low levels,” Norden stated, warning the division could lose as much as $35m this year.
The new estimate is based on a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.
Norden publishes its interim report next Wednesday.
Yesterday, Splash reported that Maersk had also been forced to lower its full year forecasts too, citing weak container freight rates and high bunker bills.
