NORDEN has recently made an acquisition deal to obtain the Thorco Projects business, enabling them to tap into a broader customer base in the general cargo sector, including industries like break bulk, steel, and wind energy, as reported by Nordan.
Cargo operations
NORDEN has acquired Thorco Projects, a business focused on general cargo operations using chartered Handysize vessels. This aligns with NORDEN’s asset-light strategy and is expected to improve margins in their Freight Services & Trading unit. NORDEN’s CEO, Jan Rindbo, is optimistic about the enhanced global service offerings and growth potential that the acquisition brings. Thorco Projects specializes in segments like break bulk, steel, and wind energy cargoes, combining multiple shipments into single shipments on Multipurpose and Handysize ships. The collaboration aims to strengthen and expand the project’s business, benefiting both existing and future customers.
Supply chain emissions
The acquisition of Thorco Projects by NORDEN brings about several commercial synergies, such as the alignment of fronthaul routes of Thorco Projects with NORDEN’s backhaul routes. This presents an opportunity for optimizing trading routes, leading to reduced supply chain emissions for customers. However, the completion of the acquisition is contingent upon regulatory approval, and it is anticipated to be finalized in the third quarter of 2023.
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Source: Norden
