Norden Renegotiates Charter Contracts Amid Horrific Dry Bulk Market

COPENHAGEN, Feb 19 (Reuters) – Danish transport firm D/S Norden has renegotiated constitution agreements for 9 vessels with their Japanese homeowners in response to report low dry bulk freight charges.

The firm has made a one-off fee of $51.5 million in return for a discount in future time-charter funds to $62 million within the subsequent 4 years, saving it $10.5 million, it stated in a press release on Thursday.

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