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Nordea: Norway's downturn in shipping and oil beats 1987

Norway is hit hard by the downturn in the shipping and offshore industries. "The companies have overall been reduced by half. This is much worse than the slump in 1987," says Nordea in Oslo.

Photo: Oslo Børs

As a shipping and oil nation, the downturn for the two industries in 2014 has hit Norway hard. And Nordea Investment Management points out that next year could be even worse.

ShippingWatch has already reported how the Oslo Stock Exchange has lost hundreds of millions of dollars this year, due to the collapsing oil price in particular, which had a severe impact on Statoil's share price. And on Tuesday, the penultimate day of 2014, the oil price continued to slide with Statoil's share following right behind.

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