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Carsten Mortensen: Scrapping forms a basis for dry bulk

Norden CEO Carsten Mortensen believes that the next year will continue to be difficult for the dry bulk market. He does, however, estimate that the market will turn around and balance out again. Scrapping ships pulls the market in the right direction.

Norden CEO Carsten Mortensen expects that the dry bulk market will remain difficult in 2013, but he also says that there are several clear indications that the market has hit the bottom and is now headed toward better times, not least because significantly more tonnage is being scrapped than ever before, he tells ShippingWatch in a comment on the shipping company’s financial statements for the third quarter, which showed operational profits of USD 23 million.

“The last three or four years have been hard to watch for the dry bulk market, but believe me, things will change, and there are several indications that it’ll happen in the next few years. It can’t get much worse than it is now, as the market is sailing with some very low rates. We’re not looking at any immediate changes. Next year will still be difficult, but it can’t get lower than it is now. 2012 has been a major year for dry bulk deliveries, and we’ll soon be done with that, and the deliveries will be halved by next year,” says Carsten Mortensen.

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