Danish shipping group NORDEN has acquired larger capesize dry bulk ships. The hope is to benefit from China’s economy reopening, the company’s CEO Jan Rindbo said.
Three years of strict border controls and extensive lockdowns have weakened business confidence in China. Especially among foreign firms according to surveys.
China has set itself a target for gross domestic product growth of around 5% this year, after significantly missing its target for 2022. That is lower than the International Monetary Fund, and some private forecasters think the country can achieve.
“With the reopening of China, we can see that sentiment and demand is much more China driven than it is world GDP driven. This tends to favor the capesize segment more,” Rindbo told Reuters.
NORDEN’s operated fleet averages over 450 ships including over 300 dry bulk ships and more than 100 oil products tankers.