Norden Orders Four Ultramax Bulkers

Danish shipping company Norden announced Monday it has ordered four 61,000 dwt Ultramax bulk carriers from Nantong Cosco Khi Ship Engineering Co. (NACKS), for scheduled delivery in 2022.

Norden CEO Jan Rindbo noted that the newbuilding contract is in line with the company’s strategy of agile asset trading and active management of Norden’s cyclical market exposure.

“Having sold 10 dry cargo vessels since 2018, we believe asset prices have now declined sufficiently to present a good trading opportunity to buy,” Rindbo said.

The newbuildings will join the core fleet of Norden-owned and long-term-leased tanker and dry cargo vessels managed by its Asset Management business unit.

“With a demand outlook gradually returning to normal and a low order book, we believe it’s a good time to buy assets and secure competitively priced tonnage” says Henrik Lykkegaard Madsen, Head of Asset Management. “Furthermore, the contracted vessels have been secured with the aim of trading the portfolio of bulk carriers within the prevailing market volatility to optimize our returns."

NACKS is a shipbuilding joint venture between China COSCO Shipping Corporation Limited and Kawasaki Heavy Industries Ltd.