The Business Times

Danish carrier Norden sees no profit for this year

Published Thu, Aug 14, 2014 · 10:00 PM
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[COPENHAGEN] Danish carrier Norden, one of the biggest dry bulk shipping companies in the world, has said that it would not make a profit this year after posting a loss for the second quarter due to low freight rates and falling demand in Asia.

The firm's loss before interest, tax, depreciation and amortisation increased to US$7 million from US$3.9 million a year ago and compared to the US$19.3 million loss expected by analysts polled by Reuters.

The company lowered its forecast for 2014 to range between a loss of US$60 million and breaking even, from a previous guidance of a loss of US$40 million to a profit of US$60 million. "The market situation went from bad to worse in the quarter. Currently, it cannot be worse in the spot market," executive vice-president Martin Badsted said.

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