Norden Orders Two More Bulk Carriers at NACKS

Maritime Activity Reports, Inc.

August 11, 2020

(Photo: Norden)

(Photo: Norden)

Norden announced Tuesday it has added two bulk carriers to an existing newbuilding contract with shipbuilder Nantong Cosco Khi Ship Engineering Co. (NACKS), taking the total order to six vessels.

The Danish shipowner said it has already sold two of the six vessels on sale and lease back terms, freeing up liquidity. The newbuilds are scheduled to be delivered from 2022.

In addition, Norden said it bought a secondhand 2014 built Supramax bulk carrier scheduled to join its fleet in September. The ship was also built at NACKS, a shipbuilding joint venture between China COSCO Shipping Corporation Limited and Kawasaki Heavy Industries Ltd.

“These deals represent great tactical asset opportunities for Norden, which we are here acting on,” said Norden CEO Jan Rindbo, noting the company sees attractive dry cargo asset opportunities after a long period with declining values. “Tonnage prices are about 10-20% lower today than 2018/2019 levels, where Norden sold 10 vessels.”

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