Can Dry-Bulk Earnings Offset the Losses from the Tanker Segment?

Tanker Earnings Weigh Down on Overall Picture

DS Norden (CPSE:DNORD): Risk Upgraded as Tankers Erode Earnings

DFRS Dry Bulk Shipping Outlook 2017 - Returns Front Ended, Normalisation in the Price

D/S Norden (DNORD DC, Neutral, DKK 130)–1Q17 Results-Improvement in Dry Bulk Market Not Capitalised

D/S NORDEN ( DNORD DC) - Tanker Segment Continues to Drag Earnings

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

<p><strong>Panamax/Supramax rates could outperform larger vessels: </strong>In 2017 so far, the Capesize segment has led the rally backed by a strong recovery in steel production and iron-ore imports by China. However, in view of the steel production cuts announced by the Chinese government during the fourth quarter, we expect Panamaxes and Supramaxes to lead the next leg of the rally in freight rates. Rates for these vessels will benefit from robust thermal coal imports by China and India in the fourth quarter…</p>

Panamax/Supramax rates could outperform larger vessels: In 2017 so far, the Capesize segment has led the rally backed by a strong recovery in steel production and iron-ore imports by China. However, in view of the steel production cuts announced by the Chinese government during the fourth quarter, we expect Panamaxes and Supramaxes to lead the next leg of the rally in freight rates. Rates for these vessels will benefit from robust thermal coal imports by China and India in the fourth quarter…

DMFR – D/S NORDEN (DNORD) – Company Update – Product Tankers to Join the Dry Bulk Bandwagon?