Dry CargoEurope

Norden adds two more ultramaxes at NACKS

Denmark’s Norden has added two more ultramaxes to its series under construction at Nantong Cosco KHI Ship Engineering (NACKS) taking its tally at the yard to six.

Norden has already sold two vessels on sale and leaseback terms, subject to final completion of terms, freeing up liquidity.

Furthermore, the shipowner has bought a secondhand 2014-built supramax also built at NACKS scheduled to join the fleet in September. Splash understands the vessel is Itochu Corp’s MI Harmony.

“These deals represent great tactical asset opportunities for Norden, which we are here acting on,” commented CEO Jan Rindbo. “Tonnage prices are about 10-20% lower today than 2018/2019 levels, where Norden sold 10 vessels.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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