Bawat A/S Raises New Capital
The Danish company Bawat A/S, specializing in the treatment of ballast water aboard ships and in ports, has just finalized the provision of capital equal to more than $2.94m from new and existing shareholders.The new shareholders include Selfinvest Family Office as a key stakeholder, and previous TORM CEO and current SKULD chairman Klaus Kjærulff. Former Sondex owner Åge Søndergaard of SonFlow A/S joins the new shareholders. Their engagement represents considerable support of…
Norden Rolls-out Decarbonization Plans
Danish shipping company Dampskibsselskabet Norden A/S revealed plans to further intensify its efforts to drive the shipping industry towards a cleaner future and offer CO2 neutral transportation.The operator in the dry cargo and tanker has established a new, dedicated decarbonisation position to drive Norden’s decarbonisation efforts and meet the company’s ambitious emission reduction targets.The new role will accelerate Norden’s development of CO2 neutral transportation to customers…
Jumbo's Fairplayer to Test Biofuel Oil
Heavy lift shipping and offshore transportation and installation contractor Jumbo said it has partnered with marine biofuel company GoodFuels in a joint venture initiative to test marine biofuel oil on board a DP2 heavy lift crane vessel during an offshore decommissioning project.The initial project project will see sustainable ‘drop-in’ Bio-Fuel Oil delivered to Jumbo’s offshore vessel Fairplayer ahead of her departure to the North Sea, and will be supplied by GoodFuels’ logistics partner VARO Energy.Wout Janssens…
Exercising Maritime Liens Against Cargo and Sub-Freights
Vessel owners rarely carry cargo for their own account. More commonly by far, a vessel owner will charter its vessel to another party to carry their (or their sub-charterer’s) cargo. The contracts can vary widely – from voyage charters or contracts of affreightment to time charters to negotiable bills of lading (not to mention the more complex arrangements that one often sees for container cargos). But in most instances, vessel owners are in the business of transporting cargo on behalf of others and, all going well, of being paid to do so.
Shipping Giants May Miss Climate Targets
A new report says shipping companies failing to push for the critical technologies required to reduce their carbon footprint, such as emission-free ships.CDP, an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, said that the world’s shipping heavyweights are not investing in key technologies to reduce their carbon footprint, with the sector at risk of not meeting the International Maritime Organization’s (IMO) targets to…
StormGeo Names Carsten Mortensen as Chairman
The weather forecasting services provider StormGeo AS has appointed Carsten Mortensen as new Non-executive Chairman to its Board of Directors.He brings more than 30 years of operational experience, having held leadership positions at global Nordic companies, such as A.P. Møller-Mærsk, D/S Norden and most recently as CEO of BW Group.Furthermore, Carsten Mortensen has been a strong advocate for the adoption of digital services and sustainable business practices through his Chairmanships of the Danish Shipowners Association and “Vækstteam”…
Norden Signs 3-year COA with Qatar Vinyl
Danish shipping company Norden has signed a three-year contract of affreightment (COA) with Qatari chemical firm Qatar Vinyl Company, commencing in the second quarter of 2019.Qatar Vinyl Company, a subsidiary of Qatar Petrochemical Company, produces various polymers and chemicals. The agreement is for the shipment of salt from West Coast India to Qatar, where the salt will be used for chemical production.The shipping company operating in the dry cargo and tanker segment worldwide…
Norden Sells Four Bulk Carriers
In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned fleet to a tradable size, the Danish shipowner announced on Tuesday.The sold vessels are 2002-built Panamax vessel Nordkap, 2002-built Panamax vessel Nordpol, 2007-built Supramax vessel Nord Express and 2011-built Handysize vessel Nord Mumbai.“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise,” said Norden CEO Jan Rindbo.
Norden Expands into West Africa
Danish shipping giant Norden is opening an office in Abidjan, Ivory Coast, as part of the Company’s continued global expansion.The office will generate new business and focus on contributing positively to the development of the region, the dry bulk and tanker owner said in a press release.“Norden opens offices and employs people with a long-term horizon and that is also the case for our move into West Africa. We wish to come even closer to our business partners and increase our business presence and at the same time be part of and help the region develop by investing manpower…
Norden Gets Sembcorp Contract
Danish shipping company Dampskibsselskabet Norden has signed a ten-year Panamax contract of affreightment (COA) with Indian utility firm Sembcorp Energy India.Commencing April 1, Norden will carry out the transportation of steam coal in panamaxes totalling 12 million tonnes over the ten-year period from Indonesia and South Africa to the port of Krishnapatnam in East Coast India.The voyages will be carried out on both Norden owned and chartered vessels.Norden pointed out in a press release that demand for energy in India is on the rise in line with the country’s economic expansion.
Ship Recycling Transparency Initiative Launched
Industry leaders and non-profit the Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform - a tool for sharing information on ship recycling to drive responsible practice.According to a press release, the platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account…
'World's First' Zero Emission Marine Biofuel Test Successful
Netherlands-based supplier of sustainable low carbon marine fuels GoodFuels Marine in conjunction with bulker and tanker owner and operator NORDEN A/S, has successfully completed trials of the world’s first zero emission, ‘drop in’ Heavy Fuel Oil (HFO)-equivalent marine biofuel – almost entirely reducing all carbon and sulphur emissions.A press release from the pioneer in sustainable marine fuels said that the culmination of three years extensive research and development with partners including Royal Dutch Boskalis and technology group Wärtsilä…
Norden Buys Medium Range Tanker Pair
Danish shipowner Norden has purchased 2 South Korean-built MR product tankers from 2009. Both vessels have a deadweight capacity of 50,000 tonnes and the acquisition further expands the Norden product tanker fleet ahead of the expected market improvement towards 2020.With the purchase, the Norden owned tanker fleet has been expanded with 4 MR vessels in 2018 bringing the total Norden tanker fleet up to 58 vessels including chartered vessels.A press release from the Denmark company…
Decarbonization: 34 Maritime CEOs Call for Action
A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…
Langh Tech Delivers Scrubbers for 12 NORDEN Vessels
Langh Tech said it will deliver SOx scrubber systems for a dozen vessels owned by Danish shipowner Dampskibsselskabet NORDEN A/S, marking the Finnish scrubber manufacturer’s largest deal so far.Langh Tech Oy Ab will supply for retrofit four tankers and eight bulk carriers in the NORDEN- fleet with SOx scrubbers of open loop-type.The tankers have two boilers and a total of six exhaust gas sources are connected to the scrubber. Automation enables the scrubber plant to be operated in two exhaust gas cleaning modes corresponding to 0.1 or 0.5 percent sulphur in the fuel.
TORM to Feature Scrubbers in Newbuildings
Danish shipping company TORM is installing scrubbers to its vessels, allowing them to continue running on high sulfur fuel oil after the International Maritime Organization's marine fuels sulfur limit is cut in 2020.A press release from the company said that it has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018.These vessels have a scrubber-prepared design and there are no changes to the delivery schedule.
Norden Lowers Its Expectations for Adjusted Result
Danish shipowner Norden has lowered its expectations for the adjusted result for the year to $0 to 30 million, down from $10 to 50 million, citing a weaker than expected tanker spot market.Norden's expected full-year result for its tanker business has been revised down to a range of -$35 to -20 million (previously -$15 to 5 million) after an adjusted result of -$8 million was recorded for the second quarter. The company said it expects a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.As a dry operator…
Feringa Exits NORDEN’s Board of Directors
Team Tankers CEO, Hans Feringa, has resigned from the board of directors at Dampskibsselskabet NORDEN A/S following Team Tankers’ acquisition of a potential competitor to NORDEN’s tanker business. Team Tankers announced on Wednesday that it acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. “To avoid any conflicts of interest Hans Feringa has decided to resign from the Board at NORDEN,” said NORDEN’s board chairman, Klaus Nyborg. NORDEN said its board will initiate a search for suitable replacement candidate(s).
Norden Boosts Earnings Expectations
Danish shipping firm Dampskibsselskabet Norden A/S said its unaudited and preliminary results indicate an adjusted result for 2017 in the range of $20 million to $35 million, up from previous expectations of -$10 to $30 million. Norden said the anticipated earnings improvement is a result of a stronger than expected performance in the fourth quarter of 2017 in both the tanker business and dry cargo business, including the dry operator. Norden will publish its annual report for 2017 on March 6, 2018.
NORDEN Opens Vancouver Office
NORDEN has opened a new office in Vancouver, Canada, as the Danish ship owner seeks to expand its global reach and local presence on the North American West Coast. “The new and increased presence on the West Coast will strengthen NORDEN’s ability to provide customers with transport to and from the Americas and from North America to Asia and enable NORDEN to become even more competitive on local coastwise trades,” the company said. “NORDEN has a strong presence with many port calls on the West Coast.
Rasmussengruppen Sells Stake in Norden
Oslo based financial investor Rasmussengruppen sold its entire stake which is 4.8 million shares of Danish dry bulk bulker owner Norden. The company's share capital consists of 42,200,000 shares of DKK 1 each, amounting to DKK 42,200,000. Rasmussengruppen was the second biggest investor in Norden, after Danish company A/S Motortramp on 28.08%. Norden operates one of the industry’s most modern, flexible and competitive fleets globally within the dry cargo and tanker vessel types. Norden was founded in 1871 and is one of the world’s oldest listed ship owners.
NORDEN to Ship Road Salt from Chile to US
NORDEN has entered into a 10-year contract effective 2020-2029 for the transportation of 4-5 million metric tons of road salt to be loaded in Caleta Patillos 1,400 kilometers north of the Chilean capital Santiago and discharged primarily on the American East Coast in ports between Boston and Baltimore. Road salt – or rock salt – will be carried on Supramax vessels. The contract covers 8-10 voyages per year of 50,000 metric tons each. A voyage is expected to take approximately 30 days and the vessels will pass through the Panama Canal to get from the South American West Coast to U.S.
NORDEN Expands Tanker Fleet
NORDEN is in the process of increasing its tanker exposure. The purpose is to take advantage of the business opportunities provided by the fluctuations of the cyclical market, said a communicaion from the company. ”During the strong tanker markets throughout 2015 and the first half-year of 2016, NORDEN prioritised coverage. We therefore reduced the open capacity for 2017 and onwards. But in the wake of the decline in the market during the second half of 2016, we have again started to increase our capacity and exposure. And this is done at competitive prices,” says CEO Jan Rindbo.