Weak dry-bulk markets have forced Danish owner Norden to slash its full-year earnings forecast despite a large leap in third-quarter profit.
The Carsten Mortensen-led company also revealed it has recently splashed out on a capesize and a handymax bulker while it is also mulling tanker purchases.
The cutting of the full-year EBITDA forecast was the stand-out feature in Norden’s otherwise strong set of financial results as investors have grown accustomed to the forecast either edging up or remaining unchanged each quarter.
