Norden Sells Four Bulk Carriers

In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned fleet to a tradable size, the Danish shipowner announced on Tuesday.

The sold vessels are 2002-built Panamax vessel Nordkap, 2002-built Panamax vessel Nordpol, 2007-built Supramax vessel Nord Express and 2011-built Handysize vessel Nord Mumbai.

“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise,” said Norden CEO Jan Rindbo. “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.”

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

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, the shipowner said.

Following the recent vessel sales, 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,” Rindbo said.

“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.”