Norway’s Westfal-Larsen Group has taken a $40m write-down on the value of its dry bulk fleet, pushing core subsidiary Skibsaktieselskapet Navigation deeper into the red.
Skibsaktieselskapet, which has a fleet of 20 open-hatch bulkers logged a pre-tax loss of $58.1m last year, which is deeper than the $5.9m loss in 2018.
The results are not directly comparable, however, as the company had an $8.1m
