Norden back at NACKS for two more newbuilds

Written by Nick Blenkey
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Image: Norden

Saying that it sees “attractive dry cargo asset opportunities after a long period with declining values,” Danish operator Norden A/S has added two more Ultramax vessels to its existing newbuilding series on order at China’s Nantong Cosco KHI Ship Engineering Co. (NACKS). This takes Norden’s total orders at the shipbuilder to six vessels. Subject to final completion of terms, Norden has already sold two of these under a sale and leaseback arrangement, freeing up liquidity.

In addition, Norden has bought a secondhand 2014-built Supramax bulk carrier, also built at NACKS, that is scheduled to join the Norden fleet in September.

CEO Jan Rindbo notes that the trading activities are in line with the Norden’s strategy of asset trading and active management of the company’s cyclical market exposure.

“These deals represent great tactical asset opportunities for Norden, which we are here acting on,” says Jan Rindbo. “Tonnage prices are about 10-20% lower today than 2018/2019 levels, when Norden sold 10 vessels.”

The vessels will join the core fleet of Norden owned and long-term chartered tanker and dry cargo vessels under the company’s Asset Management business unit.

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