- NORDEN has agreed to sell two older Capesize vessels, NORD POWER and NORD ENERGY, with delivery planned for Q1 2025.
- The sale will generate a profit to be reflected in Q1 2025 financial results. NORDEN is leasing two new dry cargo vessels with purchase options, expected to be delivered in 2028.
- NORDEN has exercised five purchase options for additional vessels, further enhancing its owned fleet.
NORDEN has finalized the sale of two older Capesize vessels, NORD POWER and NORD ENERGY, with the transactions scheduled for completion in Q1 2025. This strategic sale aims to realise Net Asset Value (NAV) and maximize returns at a time when second-hand Capesize prices are at a peak. The sales profits will be reflected in NORDEN’s financial results for Q1 2025.
Leasing New Vessels for Future Growth
To optimize its vessel portfolio, NORDEN has entered into two new dry cargo leases, both with purchase options. These leases involve one Capesize newbuilding and one Handysize newbuilding, both to be constructed in Japan and delivered by 2028. The company remains committed to replacing older vessels with state-of-the-art designs that promise enhanced fuel performance, ensuring improved service to customers.
Strengthening the Fleet with Purchase Options
In addition to the lease agreements, NORDEN has exercised five purchase options below current market prices. These options include one Handysize dry cargo vessel and four MR tankers, which will be added to NORDEN’s owned fleet during H1 2025.
Asset Portfolio Post-Transactions
After these transactions, NORDEN’s asset portfolio will include 17 owned vessels and 79 long-term leases with purchase options, 43 of which can be declared before the end of 2025. This positions NORDEN to strengthen its presence in the dry cargo sector.
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Source: Norden
