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Danske Markets upgrades target price of Norden share

Danske Bank Markets knocks the share in Norden up a notch, following the dry bulk and tanker carrier's significant upgrade of the expectations for the result for 2015. Dry bulk has reached rock bottom, according to the bank's shipping analysts.

Following Norden's full-year forecast upgrade for 2015 on Wednesday, Danske Bank is increasing its target price for the Danish dry bulk and product tanker carrier to USD 30 per share from the previous USD 24 per share, with the prospect of a stronger tanker market than was previously estimated.

Danske Bank's analysts assess at the same time, that the dry bulk market cannot get any worse than right now, and that the amount of ships being scrapped will reach 3.5 percent of the existing dry bulk fleet, while new orders will drop to just 0.1 percent which corresponds to a supply growth of vessels at two percent, which pretty much matches the weak demand in dry bulk.

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