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Norden continues shift from tankers to bulk carriers

Photo: Norden Norden.jpg
Denmark’s Norden is continuing to shift its exposure from the tanker shipping market to dry cargo in response to current market conditions.

Norden said it has sold two tankers – MR tanker Nord Pearl and handysize tanker Nord Butterfly – over the past two weeks.

The company, meanwhile, has purchased two secondhand dry bulk carriers – one supramax to be delivered later this month and a kamsarmax to be delivered in April 2021.

“For the next 12 months, we see more favourable market conditions and potential upside in the dry cargo market, as the world economy gradually recovers following Covid-19,” said Jan Rindbo, ceo of Norden.

“Our asset trading strategy means we continually look for opportunities in the market to optimise our fleet, and it provides us the flexibility to adjust our ongoing exposure towards either dry cargo or tankers, depending on the given market developments.”

The new vessels will join the core fleet of Norden owned and leased tanker and dry cargo vessels.

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