Nordan To Shift Exposure Away From The Tanker To Dry Cargo

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Danish owner and operator Norden has made a number of asset trades in recent weeks in line with the company’s strategy to shift exposure away from the tanker segment to dry cargo, says an article published in their website.

Beginning of the year

Since the start of the year, two Handysize tanker vessels NORD BELL and NORD HUMMOCK have been sold and purchased three dry cargo Kamsarmax vessels, to be delivered during the second half of the year.

Nordan has entered into agreement to lease a further seven dry cargo vessels with period and purchase options.

Beginning of 2020, NORDEN’s Asset Management division has entered into agreements for 33 owned and leased dry cargo vessels.

Asset trading opportunity

In addition, Norden has sold its recently-delivered bulker Nord Stellar for an undisclosed price. The vessel will undertake one voyage under the Norden flag before being delivered to new owners.

“The sale of Nord Stellar is not an indication of our loss of faith in the dry cargo market, but rather an example of a fantastic asset trading opportunity,” explained Henrik Lykkegaard Madsen, head of Norden’s asset management.

“The strong dry cargo market and rising asset prices enabled us to generate a great return on this ship during our very short period of ownership. In asset management we continually look for such opportunities to capitalise on market developments.”

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Source: norden.com

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