It was an ironic first quarter for Norden — weak operating margins for bulkers came on the back of a positive picture for dry cargo markets more widely.
But then again, irony is inherent in trading, a business in which making money comes with the inevitability that you will lose some.
This is something that Norden understands, having spent several years tweaking its organisation to become more of a trader than a classic shipowner or operator, the focal point of which has been its “asset-light” Freight Services & Trading (FST) division.
