Norden sells two capesizes, firms five purchase optionsNorden sells two capesizes, firms five purchase options

Norden announced it has agreed to sell 2012-built capesizes Nord Power and Nord Energy with delivery dates set for the first quarter next year. Leases with purchase options have also been signed for a capesize and handysize newbuilding.

The company has also exercised purchase options for a handymax bulker and four MR tankers at below current market prices; the ships will join the owned fleet in the first half of next year.

Long-term leases with purchase options are a favoured fleet option for Norden, which will have 79 such leases and 17 owned vessels once these transactions are completed. The Danish bulker and tanker owner said 43 of its purchase options can be declared before the end of 2025.

The latest leases signed for the two dry bulk vessels have delivery dates in 2028, and form part of the company’s efforts to continue modernising its fleet to optimise efficiency. The company has been no stranger to vessel sales this year, delivering four MRs, a panamax, a supramax, and a capesize to new owners in the first nine months of 2024. Three panamaxes, a supramax, and a capesize were held for sale at the end of the third quarter.

Norden said the sale of Nord Power and Nord Energy was a move to take advantage of strong prices for second-hand capesizes, realising net asset value and maximising returns. 

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Henrik Lykkegaard Madsen, Nord head of asset management, said: “By leasing newbuildings, we position ourselves advantageously against the backdrop of an ageing global fleet and the lowest orderbook in decades. With tight shipyard availability anticipated in the coming years, newbuilding prices and forward charter rates in the dry cargo sector are expected to remain robust.”

In the second quarter 2024, Norden added two 2021-built capesizes to its owned fleet.