Danish tanker owner Nordic Shipbuilding is continuing to rack up bigger losses as it looks to sell its fleet and wind down operations.
The OMX Baltic-listed product carrier company said rates so far this year have continued to be depressed due to reduced demand caused partially by the Covid-19 pandemic, "coupled with an excessive tonnage availability in the market".
The average daily time charter equivalent (TCE) rate for the third quarter was 65% lower than that achieved a year ago.
