Norden has put pen to paper for four ultramaxes to be built at Nantong Cosco KHI Ship Engineering Co (NACKS). The 61,000 dwt ships will deliver in 2022.
Norden CEO Jan Rindbo said today the newbuilding decision is in line with the company’s strategy of agile asset trading and active management of Norden’s cyclical market exposure.
“Having sold 10 dry cargo vessels since 2018, we believe asset prices have now declined sufficiently to present a good trading opportunity to buy,” Rindbo said.
Henrik Lykkegaard Madsen, Norden’s head of asset management, commented: “With a demand outlook gradually returning to normal and a low orderbook, we believe it’s a good time to buy assets and secure competitively priced tonnage.”