ShippingWatch

Norden Chairman: Dry bulk must adjust to new reality

It is an illusion to believe that the nice growth rates which the dry bulk market has had in recent years will persist, Klaus Nyborg tells ShippingWatch. On Thursday, he took over the position as Norden Chairman in the worst dry bulk market known to man.

Photo: D/S Norden

The high rate levels in the dry bulk industry, which were driven to a large extent by the skyrocketing levels of growth in China's economy in the years leading up to the global financial crisis, are presumably finally over. For this reason, the dry bulk carriers must get used to completely different and more "normal" market conditions in the future, says Klaus Nyborg, who on Thursday afternoon took over as Chairman of the Board at Norden during the carrier's general assembly in Copenhagen.

Klaus Nyborg completely agrees that China is currently undergoing structural changes and shifting towards a far more service-based economy aimed at private consumption instead of investments and production. This development, which sets whole new standards for the dry bulk industry that is in the midst of a historical crisis, is expected to continue at least another two years.

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