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Norden sells capesize bulk carrier at $12m loss

Norden has sold its capesize bulk carrier  Nord Power to an unnamed buyer at an accounting loss of $12m, the Danish shipowner said today. The specific sales price was not disclosed.

Norden’s three capesizes had a combined carrying amount of $68m in the company’s 2014 financial results, making each cape’s average book value $22.7m during the last fiscal year.

Online platform VesselsValue.com today estimates Nord Power‘s market value at $12.56m.

“In the long term, Norden expects to reinvest the proceeds from the sale into additional tonnage of the vessel types supramax or panamax,” the company said today. Norden is one of the world’s largest operators of supra and panamax bulk carriers.

The losses made on vessel sales will affect operating profit for the year 2015, Norden said. Its expected EBIT has been adjusted downwards from $70m-90m to $58m-78m.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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