Danish shipping company Dampskibsselskabet Norden a/S (D/S Norden) said on Wednesday (1 October) that it has adjusted down its full-year net profit expectations from the previously announced DKK950-1,030m to DKK800-880m. "The adjustment is primarily due to the plunging freight rates in dry cargo in September, among other things caused by the financial crisis and to some extent by negative fair value adjustments on hedging instruments," D/S Norden said. Despite the negative development for the company's dry cargo operations, its tanker operations are continuing to be better than expected, "benefiting from a surprisingly strong market", D/S Norden said.
D/S Norden, headquartered in Copenhagen, Denmark, is an international dry cargo and tankers operator with an active fleet of 220 vessels and 97 vessels due for future delivery. The company has over 500 employees and reported revenue of USD2.93bn in 2007.
D/S Norden, headquartered in Copenhagen, Denmark, is an international dry cargo and tankers operator with an active fleet of 220 vessels and 97 vessels due for future delivery. The company has over 500 employees and reported revenue of USD2.93bn in 2007.