Norden Renegotiates C/P's as Low Rates Bite

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