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.

- Reuters

Read the complete story:



More Newswire stories

Grand Alliance shift from Seattle to Tacoma brings aprox. 400,000 TEUs

Hong Kong 4Q cargo stats reflect slow growth

TPP Apparel Coalition pushes for more flexibility

Robot balloon cranes – no port needed

Today's Cargo News Archives


The Port Handbook

Click to browse past stories on these topics:


Ports & Infrastructure

Economic Outlook

Environmental Impact