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Norden confirms bulker sales

Danish owner Norden has sold four of its bulk carriers as part of the company’s strategy of becoming increasingly asset light.

The four vessels that have been sold are the 2002-built panamax vessels Nordkap and Nordpol, the 2007-built supramax vessel Nord Express and the 2011-built handysize vessel Nord Mumbai.

Splash reported the sale last week and understands that Nordkap and Nordpol were sold to Chinese interests.

Nord Mumbai was sold to Estonian pellet producer Graanul Invest, while Nord Express was sold to an undisclosed European buyer.

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

Norden said it has reduced the number of self-owned vessels in its fleet to less than 15% in 2018, and the number is expected to further decrease with its continued growth in the short-term operator business.

Following the sale of the vessels, Norden’s owned fleet will consist of 16 bulkers 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 added.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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