Dry CargoEurope

Norden lowers rates in struggling bulk market

Copenhagen: Following dialogue with a number of large Japanese owners Denmark’s Norden has managed to work out savings in relation to nine vessels on long-term charter

As part of the agreement the company has made a one-off payment  of $ 51.1m, in return for a reduction on time-charter payments over the next four years. The payments will be reduced by $ 62m.

“Overall, the change in the time charter agreements does not affect operations in the period from 2015-2018. After the one-off payment of $ 51.5m, Norden’s cash and securities amount to $220m while undrawn credit facilities amount to $ 419m,” the line said in a statement.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
Back to top button
Close
Close