As it looks to focus on the supramax and panamax sectors Norden has sold off four handysize bulkers.

Denmark’s shipowner Norden has been hit by a first quarter net loss, dragged down by the loss-making dry bulk business despite a profitable tanker business.

Norden has announced its most profitable quarter since 2011 as tanker rates stayed strong and its dry bulk fleet outperformed the market.

Norden has announced it is reducing its executive management team from five staff to three, with immediate effect.

Norden has raised its EBIT forecast for 2015 to $50m-$90m as its tanker and dry bulk fleets perform better than expected.

Norden has reported a $38.6m profit for the first quarter 2015, but the company's forecasts for the year remain unchanged at an EBIT of between negative $40m and positive $40m.

Norden announced today that it has agreed to one-off payment of $51.5m to Japanese shipowners to reduce future time charter payments by $62m.

Norden has made provisions totalling $230m for unprofitable contracts as an expected dry bulk market recovery fails to materialise.

Danish shipowner Norden has reported a third quarter loss of $45.5m as its dry cargo segment was hit by falling coal demand.

Danish shipowner Norden is bringing in Pacific Basin coo, Jan Rindbo, as its new ceo mid-next year, taking over from interim ceo Klaus Nyborg former chief of Hong Kong shipowner.