Danish shipowner Norden sank $68m into the red in the first half of the year, double the $34m it lost in the first half of 2013.

Former Pacific Basin boss Klaus Nyborg has been appointed interim ceo of Norden as the company searches for a replacement for Carsten Mortensen.

Carsten Mortensen, ceo of Norden for almost a decade, has resigned to take up a position at BW Group.

Norden has announced a $26.5m loss in the first quarter as a tough atlantic market in the bulk trade affected its earnings, stretching its 2014 forecast down into the red.

Norden has reported a full year loss for 2013 of $48m, down from $279m in 2012.

Norden's third quarter profit for 2013 was $567,000, down from a $16m profit in the same period last year.

Tanker and bulker owner Norden has reported a $22.3m loss for the second quarter 2013, improving on 2012's $31.7m for the same period.

Norden contracted or chartered in 17 fuel efficient new builds between October 2012 and March 2013 the company revealed today.

Copenhagen: At its annual general meeting yesterday, Norden revealed a change of direction for its investment plans. After doubling its owned tanker fleet, the company is now looking to revitalise its dry bulk tonnage.