Analysts at Drewry cut the Copenhagen-listed company from attractive to neutral suggesting the sluggish bulker market would eclipse the spark in products tankers.
They argue Norden’s adjusted core operating loss of $5.6m in 2014 was disappointing despite the owner’s revenue exceeding expectations.
Norden has guided for a core operating performance of between $40m and $120m this year, with Drewry at the top end of the band.
“The
