Norden Sells Four Post-Panamax Bulkers

Image Courtesy: Norden

Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) has sold four of its Post-Panamax vessels, as it narrows its ownership in the dry cargo segment on the medium-sized vessel types Supramax and Panamax.

The sale agreement includes the company’s 2010-built vessels, namely, Nord Delphinus, Nord Dorado, Nord Pisces and Nord Pyxis.

NORDEN said that the proceeds from the sale will be reinvested in Supramax and Panamax vessels.

The sale of the four Post-Panamax ships, which feature some 114,167 dwt, would entail an accounting loss of USD 16 million.

After disposing of these ships, the company said it will no longer own Post-Panamax vessels, but will still operate four chartered ships of this type.

In line with previous expectations, NORDEN forecasts the adjusted results for the year 2016 to range between USD -60 to USD 30 million.

Due to a sluggish dry bulk market, the shipping company reported a loss of USD 5 million in the first quarter of 2016, compared to a profit of USD 27 million in the same period last year, while the operating earnings reached a loss of USD 1 million.

Despite the market headwinds, Norden’s dry cargo vessels managed to achieve earnings that were 37 percent above the market average, however, the company’s adjusted result for the period in dry cargo market ended at a loss of USD 20 million.

The company’s results in the tanker market were somewhat better, with an adjusted result of USD 15 million, corresponding to operating earnings of USD 16 million.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >