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Norden drives asset plays forward

Danish owner and operator Norden has made a number of asset trades in recent weeks in line with the company’s strategy to shift exposure away from the tanker segment to dry cargo.

Since the start of the year, Norden has sold two handysize tankers, Nord Bell and Nord Hummock, and acquired three kamsarmax bulkers, to be delivered during the second half of the year.

The company has also entered into agreements to lease a further seven dry cargo ships with period and purchase options.

“Our switch of exposure from tankers to dry cargo has been well-timed,” said CEO Jan Rindbo. “The tanker market is still challenged by low oil demand due to the pandemic; while the dry cargo market is extremely strong and we see this trend continuing during the year.”

In addition, Norden has sold its recently-delivered bulker Nord Stellar for an undisclosed price. The vessel will undertake one voyage under the Norden flag before being delivered to new owners.

“The sale of Nord Stellar is not an indication of our loss of faith in the dry cargo market, but rather an example of a fantastic asset trading opportunity,” explained Henrik Lykkegaard Madsen, head of Norden’s asset management.

“The strong dry cargo market and rising asset prices enabled us to generate a great return on this ship during our very short period of ownership. In asset management we continually look for such opportunities to capitalise on market developments.”

In total since the beginning of 2020, Norden’s asset management division has entered into agreements for 33 owned and leased dry cargo vessels.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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