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Norden slashes forecast after unearthing accounting error

Norden’s finance team will face a grilling from top management after an accounting error forced the Danish shipping line to issue a revised full-year forecast yesterday.

Norden has lowered its expectation for the full year to $10m to $45m, down from $25m to $60m. The adjustment of guidance is mainly related to a calculation error, which has been uncovered in relation to the updating of estimates in preparation for the company’s Q3 report. The error, which impacted the estimate by around $15m, was related to IFRS16-related adjustments to the expected contribution margin in the tanker segment.

Norden will publish its Q3 results on November 6.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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