The Chinese dry bulk market hit carrier Norden hard in the 3rd quarter, where the country's coal imports were 22 percent lower than in the same period last year, Martin Badsted, Executive Vice President, Norden, tells ShippingWatch after the carrier suffered an operating deficit of USD 11 million in the just-finished quarter.
"Chinese imports were significantly lower than expected. A year ago the Chinese growth was around 20 percent, in the past three months it's been negative two percent. We have to go back to the financial crisis in order to see negative import growth rates. This is driven by coal and it has only developed negatively. China's coal import is 22 percent lower than last year, and coal is the second-biggest commodity in the dry bulk market for us," he says.