Norden sells four bulkers as it shifts to asset light business model

Norden said it sold the 2002-built panamaxes Nordkap and Nordpol, the 2007-built supramax Nord Express, and the 2011-built handysize Nord Mumbai.

“It is an integrated part of NORDEN’s business to buy and sell vessels when the right opportunities arise. At the same time, it is part of our strategy to become increasingly asset light by growing the part of the business based on chartered vessels,” said Jan Rindho, ceo of Norden.

In 2018 less than 15% of Norden's fleet was owned and the company expects this precentage to decrease further as it grows further as a short term operator in the dry bulk sector. Following the latest vessel sales the company has 16.5 owned dry bulk vessels and 24 product tankers.

However, it does not plan to exit shipowning completely. ”Norden will continue owning vessels. But it will to a greater extent than today be a commodity, which can quickly be bought and sold when we get the right offer,” said Rindho.

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