Danish shipping company Norden reported a bigger-than-expected fall in fourth quarter operating earnings, the firm’s accounts showed on Tuesday.

Norden reported an operating loss of $28 million in the fourth quarter, down from a profit of $0.5 million a year earlier and below a forecast of a negative $11.3 million in a Reuters poll..

It expects a 2014 operating profit before depreciation and amortisation (EBITDA) of $20 million to $120 million. In 2013 it earned an EBITDA of $24.3 million. (Reporting by Shida Chayesteh, editing by Terje Solsvik)