The joint venture will manage Norden’s tanker fleet from 20 August as the company transitions to become a trading orientated business. Synergy has managed Norden’s dry cargo fleet since September 2019.
Norden is active in the handysize, MR and LR1 product tanker vessel sectors and has a fleet of 57 tankers plus five newbuildings on order, according to the company’s website.
“Norden requires a nimble approach to ownership, both commercially and organisationally. The partnership with Synergy enables Norden to be fully focused on optimising trading and commercial operations while ensuring safe, efficient and flexible technical management of the owned fleet,” says Norden ceo Jan Rindbo.
The joint venture will be 50 – 50 owned by Norden and Synergy and headquartered in Copenhagen. Norden said that 116 employees, including seafarers directly employed the company, would be transferred to the joint venture, and remaining seafarers would be offered contracts with Synergy.
Some 25 employees from Norden in Copenhagen, Manila and Mumbai will be made redundant as a result of the restructuring, “Technical management has been an integrated part of Norden’s history for many years so it is not a decision taken lightly, especially in view of the dedicated contribution from many skilled colleagues over the years,” the company said.
A further 15 employees will be offered employment in new roles in either Norden, the joint venture or Synergy.
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