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Norden spends $51.5m on $62m charter savings

Norden spends $51.5m on $62m charter savings
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.

The $10.5m savings relate to nine vessels on long-term charter and will be made over a period of four years.

The expenditure leaves the company with cash and securites of $220m and undrawn credit totalling $419m.

In December the company decided to take a $230m hit on the value of unprofitable contracts as it saw prolonged losses across the life of the deals.