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Norden returns to capesize segment

Norden Norden Gabon operation
Norden has acquired four capesize vessels across two transactions in March, marking its entrance into the market segment again.

The four vessels are expected to be delivered “during the coming months,” said Norden.

“With the move into Capesize, Norden expands its offering to cover all dry cargo sizes, providing added value to our customers and partners globally,” said CEO Jan Rindbo.

“The expansion into Capesize also enables us to capitalise on the most attractive market opportunities in a high exposure segment with relatively few transactions.”

Norden said it would establish a dedicated team to manage and grow its capesize activities and service customer.

Entering the capesize segment brings the opportunity to access larger economies of scale and reduce cost and complexity in logistics operations, said Norden, noting its transhipment facility in Central Africa.

Norden effectively exited the capesize segment in 2016 with the sale of its last owned capesize. At the time, the company was following a strategy of focussing on panamax and supramax vessels in the dry bulk segment.

Earlier this year, Norden reported the highest-ever earnings in its 151-year history, with a strong contribution from its dry bulk segment, albeit waning as the year went on.

TAGS: Europe