NORDEN adds two newbuilding Capesize leases with purchase options

(Posted on 27/03/25)

In line with NORDEN’s positive long-term outlook for Capesize freight rates, the company have announce the addition of two Capesize newbuilding leases with purchase options, reinforcing their commitment to building a highly efficient and modern Capesize fleet.

NORDEN is a global provider of ocean-based freight services for bulk and project cargo of all sizes. Founded in 1871, NORDEN is one of Denmark’s oldest internationally operating shipping companies. With 18 offices across 6 continents, NORDEN is a truly integrated part of global trade.

In a statement the company said, “This will enhance our ability to serve customers reliably and ensure we remain at the forefront of sustainable and cost-effective shipping against a backdrop of an ageing fleet and historic low orderbook. The vessels will be built in Japan with expected deliveries in 2026 and 2027.

“This brings our core fleet of owned and leased Capesize vessels to 13 ships, including seven newbuildings, with an average age of 2 years. In addition, NORDEN currently operates a shorter-term chartered fleet of 10 Capesize vessels on the water, servicing major customers in the mining sector.

“The Capesize segment is thus an important part of NORDEN’s ocean-based global freight service for dry and liquid bulk cargo of all sizes, spanning around 450 vessels in total.”

Capesize bulk carriers are usually between 150,000-210,000 tonnes in deadweight with a length of 289 meters. The vessels are 45 meters wide with a draft of about 18 meters when fully loaded. The name Capesize originates from a time when the vessels were too large to transit the Suez Canal and Panama Canal and instead had to traverse between oceans via either Cape of Good Hope or Cape Horn.