Danish shipping company Norden, saw its turnover drop 61% to DKK 1.68bn (EUR 225.22mn USD 306.43mn) in 2009 compared to 2008, Logistics Finland reports. EBIT slumped 80% to DKK 157mn and profit after tax dropped from DKK 708mn in 2008 to DKK 217mn in 2009. Norden's MD Carsten Mortensen expects earnings to rise in 2010.
Stock market analyst Jacob Pederssen of Sydbank expects Norden's solid financial position with a cash reserve of DKK 4bn and a flexible business model to help the company cope with the financial crisis.
Norden is one of the oldest listed shipping companies in the world and it operates around 175 dry cargo vessels and tankers.