Norden orders four ultramax bulkers at Chinese yard

Denmark’s Norden has ordered four 61,000-dwt dry bulk ultramax carriers at China’s Nantong Cosco Khi Ship Engineering (Nacks).

Jan Rindbo, ceo of Norden, said the latest acquisition is in line with the company’s strategy of agile asset trading and active management of the company’s cyclical market exposure.

“Having sold 10 dry cargo vessels since 2018, we believe asset prices have not declined sufficiently to present a good trading opportunity to buy,” Rindbo noted.

The newbuildings are expected to be delivered during 2022. Financial details of the deal were not disclosed.

Henrik Lykkegaard Madsen, Norden’s head of asset management, commented: “With a demand outlook gradually returning to normal and a low orderbook, we believe it’s a good time to buy assets and secure competitively priced tonnage. Furthermore, the contracted vessels have been secured with the aim of trading the portfolio of bulk carriers within the prevailing market volatility to optimise our returns.”

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