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Klaus Nyborg: Norden has been too optimistic

Norden's downgrade on Wednesday is the result of an extremely low dry bulk market. There was too much optimism at the beginning of the year to predict that the market could behave so poorly, interim CEO Klaus Nyborg tells ShippingWatch.

Photo: Bjørn Marcus Trappaud

One year ago things were looking fine at D/S Norden compared to the carrier's downgrade on Wednesday - Norden's second downgrade this year.

Carsten Mortensen, CEO of the carrier at the time, explained around Christmastime last year that he was willing "to risk overstating matters" following a very tough 2012 for the carrier. In fact, the carrier's CEO at the time believed that Norden would be able to leave the five tough years following the crisis behind.

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