In the last couple of weeks, Dampskibsselskabet NORDEN A/S has sold off 4 dry cargo vessels as, among other things, a part of the strategy of becoming increasingly asset light and reduce the owned fleet to a tradable size.

NORDEN sells 4 dry cargo vessels
Caption: Bulkj carrier Nord Mumbai - Image courtesy of Sorin

The sold vessels are:

“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. We need agility and flexibility to be able to swiftly adjust to changing markets, and we get that when we charter in vessels,” says CEO Jan Rindbo

NORDEN is already well underway. In 2018, less than 15% of NORDEN’s fleet was owned, and with continued growth in the short-term operator business in Dry Operator, this percentage is expected to further decrease.

Following the sale of vessels, NORDEN owns 16.5 dry cargo vessels and 24 product tankers, and NORDEN will continue owning vessels going forward, Jan Rindbo points out:

”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. Our strong relations to other owners and yards combined with NORDEN’s size and market knowledge constitutes a powerful tool to identify attractive buying and selling opportunities, and we will continue making use of this going forward,” says CEO Jan Rindbo.

Source: Norden