ShippingWatch

Norden: Brutal dry bulk market will continue in 2015

The spot rates in the dry bulk market are currently at a 30-year low. In spite of modest improvements during the year, Norden expects that 2015 will be just as challenging as the past year in terms of rates, Martin Badsted, Executive Vice President, tells ShippingWatch.

The pressure from a historically low dry bulk market will not ease its grip on Norden in 2015. But after 2014 the carrier is likely better equipped to handle the market, Executive Vice President Martin Badsted tells ShippingWatch after the carrier's annual report 2014, published Wednesday morning, revealed a net deficit of USD 416 million, a significant part of which stems from provisions and impairments on loss-inducing contracts.

An expected result, says Martin Badsted, referring to the carrier's announcement to the stock exchange in December last year, in which Norden performed a massive impairment and lowered its guidance to an operating deficit, EBITDA, of USD 230 to 290 million. The operating deficit finished at USD 261 million for the full year 2014.

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