Norden's three existing business units will be re-organised into two new divisions in order to simplify the Danish firm's structure.

One of the owner-operator's re-organised divisions will focus on investments and will be called Assets & Logistics.

The other will handle Norden's "asset-light" freight services and will be known as Freight Services & Trading.

Chief executive Jan Rindbo said the new structure will better enable Norden and its staff to handle market volatility and deliver better service.

"The powerful combination of human knowledge, advanced analytics and a strong brand ensures that our empowered teams across 11 global offices can act with the autonomy, agility and speed needed in volatile markets to deliver strong returns while providing our customers with a reliable, efficient freight service," he commented.

The Assets & Logistics division will comprise Norden's owned vessels and those on long-term leases, plus the firm's newly established logistics and climate solutions team.

Rindbo said the new team's focus on developing sustainable operations "signals our commitment to develop customer solutions beyond a standard freight service, improving supply chain efficiency and reducing carbon emissions for our customers".

The Freight Services & Trading unit will look after Norden's operated fleet of bulkers and product tankers, including the Norient Product Pool.

Norden said it wants to grow the pool by bringing in new members.

The company said its strategic aim is to strengthen its platform by becoming more customer and data-driven.

It is just over two years since Norden last re-organised the structure of its business divisions.

Norden has just recorded its best quarter in 10 years on the back of strong bulker markets. It booked profit of $65m for the third quarter, up from $26.5m a year ago.

The firm expects its adjusted result for 2021 to fall between $150m and $200m.

It has also announced it will repurchase up to $40m of its shares in a new buy-back scheme.