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Drewry: Strong balance makes Norden attractive

Danish carrier Norden is rated "attractive" in Drewry's coverage of listed dry bulk carriers, with Navios Maritime finishing as the analyst's top pick and Scorpio Bulkers rated as a high-risk share.

Norden's strong balance and the carrier's asset-light business model make the Danish dry bulk and tanker carrier an "attractive" share, says analyst agency Drewry, which points to New York-listed Navios Maritime Holdings (Navios Holdings) as the most attractive dry bulk share right now in the analysts' initial coverage of a handful of dry bulk carriers.

"We expect that Norden's deficit will be reduced in the fiscal year 2015 before becoming profitable in 2016," says Drewry, noting that the moderate development in dry bulk is offset by increased tanker rates.

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