Norden Offloads Bulker Quartet

nordenImage Courtesy: Norden

Danish shipping company Norden disposed of four dry cargo vessels in the past few weeks. 

As informed, the sale is part of the company’s “strategy of becoming increasingly asset light and reduce the owned fleet to a tradable size.”

The bulkers in question are the 2002-built Panamaxes Nordkap and Nordpol, the 2007-built Supramax Nord Express and the 2011-built Handysize Nord Mumbai.

“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise. At the same time, it is part of our strategy to become increasingly asset light by growing the part of the business based on chartered vessels,” Jan Rindbo, Norden CEO, commented.

“We need agility and flexibility to be able to swiftly adjust to changing markets, and we get that when we charter in vessels,” he added.

In 2018, less than 15% of Norden’s fleet was owned, and with continued growth in the short-term operator business in dry operator, this percentage is expected to further decrease, according to the company.

Following the sale of the vessel quartet, Norden owns 16.5 dry cargo vessels and 24 product tankers.

”Norden will continue owning vessels. But it will to a greater extent than today be a commodity, which can quickly be bought and sold when we get the right offer. Our strong relations to other owners and yards combined with Norden’s size and market knowledge constitutes a powerful tool to identify attractive buying and selling opportunities, and we will continue making use of this going forward,” Rindbo concluded.

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