EuropeTankers

Norden trumpets its asset play capabilities

Denmark’s Norden is trumpeting its asset play skills, having just completed the sale of product tanker Nord Andes to an Asian buyer.

The sale of the ship comes just 10 months after the vessel was purchased by Norden, and underlines the company’s strategy to be an “asset-trading company”, the Jan Rindbo-led shipping firm stated in a release today.

“We are driven by the opportunities we see in the market to continuously optimise our fleet,” said Rindbo, Norden’s CEO. “Having generated excellent revenues on the vessel during a strong market, we have now sold Nord Andes at roughly the same level as the purchase price, which is an agile asset trade within just 10 months.”

Henrik Lykkegaard Madsen, Norden’s head of asset management, said the company had been able to capture the upside in the market and make “very good returns” on the vessel this year.

VesselsValue data shows Norden bought the ship for $21.5m and has just sold it to Chinese interests for $21m.

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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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