Danish shipping company Norden has entered into a newbuilding contract with Chinese shipbuilder Nantong Cosco Khi Ship Engineering Co. (NACKS) for fur 61,000 dwt dry cargo Ultramax ships, expected to deliver during 2022.
Norden’s CEO Jan Rindbo said that the contract was 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 now declined sufficiently to present a good trading opportunity to buy,” Rindbo added.
Once delivered, the ships are scheduled to join the core fleet of Norden owned and long-term leased tanker and dry cargo vessels managed by the Asset Management business unit.
“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” 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 optimise our returns”.