Dampskibsselskabet Norden managed to successfully navigate 2009 and presented its shareholders with a profit of DKK 217.2 million. It is not as much as the year before (2008), when the after-tax profit was DKK 707.9 million. In 2009, net revenues fell dramatically from DKK 4.2 billion in 2008 to DKK 1.6 billion as a result of the global crisis and collapse of the bulk market. Despite these factors, D/S Norden managed to bring the fleet and their contracts in line with the new regime on the world markets. Norden recently settled a dispute with Russian Rusal involving the cancellation of 40-50 cargos booked with D/S Norden. The settlement amounted to USD 23 million. Norden had claimed USD 65 million, but chose to settle for less as Rusal is still a large cargo owner and a factor on the market.
“We chose to be some kind of friend with our customer”, says Carsten Mortensen, CEO of Norden.
D/S Norden is confident about the future as they see the Chinese boom continuing in addition to the fact that the company has DKK 4 billion in cash. Equity grew from DKK 1.7 billion to DKK 1.8 billion.
Bent Mikkelsen
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