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    Worst Shipping Over 2014

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    Theng Roger
    Nordea Bank predicts that the shipping industry will begin recovering from its worst crisis on record in 2014 as global demand increases and freight rates and asset prices improve. While 2013 will continue to be difficult for most shipping segments, Hans Kjelsrud of Nordea expects conditions to gradually get better starting in 2014 as new ship deliveries decline. Nordea has remained committed to the struggling shipping industry, unlike some other European banks, and believes that recovery will continue in 2015.

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    Worst Shipping Over 2014

    Uploaded by

    Theng Roger
    10 views1 page
    Nordea Bank predicts that the shipping industry will begin recovering from its worst crisis on record in 2014 as global demand increases and freight rates and asset prices improve. While 2013 will continue to be difficult for most shipping segments, Hans Kjelsrud of Nordea expects conditions to gradually get better starting in 2014 as new ship deliveries decline. Nordea has remained committed to the struggling shipping industry, unlike some other European banks, and believes that recovery will continue in 2015.

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    Nordea Bank predicts that the shipping industry will begin recovering from its worst crisis on record in 2014 as global demand increases and freight rates and asset prices improve. While 2013 will continue to be difficult for most shipping segments, Hans Kjelsrud of Nordea expects conditions to gradually get better starting in 2014 as new ship deliveries decline. Nordea has remained committed to the struggling shipping industry, unlike some other European banks, and believes that recovery will continue in 2015.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views1 page

    Worst Shipping Over 2014

    Uploaded by

    Theng Roger
    Nordea Bank predicts that the shipping industry will begin recovering from its worst crisis on record in 2014 as global demand increases and freight rates and asset prices improve. While 2013 will continue to be difficult for most shipping segments, Hans Kjelsrud of Nordea expects conditions to gradually get better starting in 2014 as new ship deliveries decline. Nordea has remained committed to the struggling shipping industry, unlike some other European banks, and believes that recovery will continue in 2015.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    WorstShippingOver2014

    Monday, September 23, 2013


    7:04 AM
    Worst shipping crisis' over by 2014: Nordea BankPRINT |EMAIL THIS ARTICLE[STOCKHOLM] Nordea
    Bank, Scandinavia's biggest lender, said the shipping industry will next year begin to recover from its
    worst crisis on record as global demand picks up and freight rates and asset prices recover.While
    "2013 will be another tough year in most segments, sometime in 2014 we'll probably start seeing a
    gradual improvement in the broader market," Hans Kjelsrud, the Oslo-based head of Nordea's
    shipping unit, said in a Sept 17 telephone interview. "Once we get through this year, deliveries of
    new ships will be a lot lower. We believe 2014 will be better than 2013 and that 2015 will be better
    than 2014."Nordea, the world's fifth-biggest shipping bank, has remained loyal to an industry
    suffering from its worst-ever slump as other European banks, including Commerzbank, have pulled
    out. The industry, now in its fifth year of crisis, has suffered from slumping demand and overcapacity
    in the wake of Europe's debt crisis and from low freight rates, high fuel prices and slumping asset
    values.The ClarkSea Index, a measure of industry-wide earnings, has averaged US$9,187 a day this
    year, the lowest since 1990, according to shipbroker Clarkson plc. The fleets of dry-bulk carriers and
    supertankers are both the most oversupplied since the 1980s, according to Clarkson and Fearnley
    Consultants, a maritime research company in Oslo. There are now signs of improvement as the
    global economy picks up,

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