Danish operator Copenship has folded and South Korea’s Daebo has filed for court protection this year as dry cargo rates hit the lowest level seen in 30 years.

Martin Badsted, executive vice president at Norden, believes further casualties could follow.

“If the current market conditions continue, as we fear they might, a lot of people will be struggling,” Badsted told TradeWinds after the owner reported its full year accounts today.

“We