Friday, March 9, 2012
Norden forecasts rough road for 2012 dry bulk market
Danish shipping company Norden, a dry-bulk and tanker operator, said in a statement on Wednesday that the dry cargo market will be “very challenging” in 2012 due to fleet expansion.
This was asserted even though Norden’s 4th quarter earnings were higher than expected, rising to $38.5 million in October-December 2011 from $22.5 million in the fourth quarter a year earlier.
Chief Executive Carsten Mortensen said in a statement that Norden expects rates in dry cargo to bottom out this year.
The statement said Norden’s full-year 2012 EBIT is expected to be $10 million to $50 million, down from $104 million in 2011.
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