Norden fell to a loss in the first quarter as the Danish shipowner-operator suffered a blow from the weak product tanker market.
The results were also weighed down by a negative result for its bulker operating division, after strong dry cargo freight rates caught the company by surprise.
The company, which has a fleet of product tankers and bulkers, posted an adjusted loss of $6m for the first quarter, compared to $29m profit a year ago.
