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NORDEN ADDS TWO MORE BULKERS TO NEWBUILD ORDER

Friday, August 14, 2020 

Danish ship operator Dampskibsselskabet Norden has added two vessels to the existing newbuilding contract with Nantong Cosco Khi Ship Engineering (NACKS), announced in June, taking the total order to six vessels.

Of this order, Norden has already agreed sale and lease back terms for two ships, subject to final completion of terms, thereby freeing up liquidity and acting on attractive charter rates while securing good optionality from period and purchase options. Additionally, Norden has bought a secondhand 2014 built Supramax bulk carrier also built at NACKS scheduled to join the fleet in September.

Norden CEO Jan Rindbo notes that the trading activities are in line with the company’s strategy of asset trading and active management of Norden’s cyclical market exposure, where Norden sees attractive dry cargo asset opportunities after a long period with declining values.  Rindbo said: “These deals represent great tactical asset opportunities for Norden, which we are here acting on. Tonnage prices are about 10-20% lower today than 2018/2019 levels, where Norden sold 10 vessels”.

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

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