Danish owner-operator Norden is kicking off a new $30m share buyback scheme, after filing third-quarter results that were profitable but reflected weaker freight markets for both bulkers and product tankers.
The Copenhagen-listed company said it will repurchase up to 1.2m of its shares until February 2024 under the new programme, which commences today.
Norden said the aim of the share buyback programme is to adjust its capital structure and to hedge the company’s obligations under employee incentive schemes.
