Danish tanker owner Nordic Shipholding has revealed more impairments as it wrote down the value of the fleet during a period of falling rates.
The Knud Pontoppidan-chaired product carrier specialist said that following a strong product tanker market in the first half, the sector softened significantly going into the second half.
"This impacted earnings but even more so, the build-up of products in storage, the declining demand and the continued uncertainty in relation to the Covid-19 pandemic, resulted in a very soft secondhand market with declining values for all...
