Norden Sells Second-Hand Capesize

Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) has decided to sell the Capesize dry cargo vessel Nord Power built in 2005.

Norden said that the sale would entail an accounting loss of USD 12 million, which will be included in the annual results for 2015. The 176,000 tdw vessel will be delivered to the new owners at the beginning of 2016. The identity of the new owners remained undisclosed.

In the long term, Norden expects to reinvest the proceeds from the sale into additional Supramax or Panamax vessels.

“The sale is thus in line with the strategy Focus & Simplicity which involves focusing on the vessel types Supramax and Panamax, where Norden is one of the world’s largest operators,” the company said.

At the beginning of November, Norden announced that it was switching its focus on ownership and operation of four vessel types supplemented by operation of Handysize dry cargo vessels, under its newly adopted strategy ”Focus and Simplicity”.

Under the strategy, within dry cargo, Norden will specialize in ownership and operation of Supramax and Panamax vessels, and within tankers, the vessel types Handysize and MR will continue to be in focus.

“Norden’s operating results are developing as expected and the expectations for the EBIT result before profits from vessel sales for 2015 are maintained. The expectations for the EBIT result including profits from vessel sales are solely adjusted as a result of the vessel sale to USD 58 – 78 million compared to the previous USD 70 – 90 million,” the company added in a release.

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