Norden Renegotiates Charter Contracts Amid Horrific Dry Bulk Market

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February 19, 2015

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COPENHAGEN, Feb 19 (Reuters) – Danish shipping company D/S Norden has renegotiated charter agreements for nine vessels with their Japanese owners in reaction to record low dry bulk freight rates.

The company has made a one-off payment of $51.5 million in return for a reduction in future time-charter payments to $62 million in the next four years, saving it $10.5 million, it said in a statement on Thursday.

“We have similar time-charter contracts where we could renegotiate contracts,” Executive Vice President Martin Badsted told Reuters. (Reporting by Ole Mikkelsen; Editing by David Holmes)

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