NORDEN has added two vessels to the existing newbuilding contract with Nantong Cosco Khi Ship Engineering Co. (NACKS), taking the total order to six vessels. Of this order, NORDEN has already sold two vessels on sale and lease back terms, subject to final completion of terms, thereby freeing up liquidity and acting on attractive charter rates while securing good optionality from period and purchase options.
Furthermore, NORDEN has bought a second-hand 2014 built Supramax bulk carrier also built at NACKS scheduled to join the NORDEN fleet in September.
NORDEN CEO Jan Rindbo notes that the trading activities are in line with the company’s strategy of asset trading and active management of NORDEN’s cyclical market exposure, where NORDEN sees attractive dry cargo asset opportunities after a long period with declining values.
“These deals represent great tactical asset opportunities for NORDEN, which we are here acting on,” says CEO Jan Rindbo. “Tonnage prices are about 10 - 20% lower today than 2018/2019 levels, where NORDEN sold 10 vessels”.
The vessels will join the core fleet of NORDEN owned and long-term chartered tanker and dry cargo vessels under the company’s Asset Management business unit.