![International Bulk Journal](https://www.ibj-online.com/images/international-bulk-journal.png)
![Menu](https://www.ibj-online.com/images/showmobnav-bg.png)
(Posted on 13/10/21)
NORDEN’s Asset Management division, which handles buying, selling and leasing of dry cargo and product tanker vessels, is capitalising on rising asset values in the dry cargo market through vessel sales. NORDEN was founded in 1871, making it one of the oldest internationally operating shipping companies.
Since the start of the year asset prices for vessels in the dry cargo market have increased by around 80%, which by the end of Q2 had resulted in a rise of more than USD 350 million in the market value of NORDEN’s portfolio of owned and leased vessels.
Having actively shifted exposure of the portfolio away from tankers to dry cargo during the past 18 months with the sale of six tanker vessels and purchase of 13 dry cargo vessels, NORDEN is now converting the added market value to profit through vessels sales. In recent months, seven dry cargo vessels have been sold, including both Panamax and Supramax vessels.
“The dry cargo market has been soaring this year due to a combination of a restart of demand after Covid-19 and major inefficiencies in ports around the world; coupled with one of the lowest order books on record,” said Henrik Lykkegaard Madsen, Head of Asset Management. “We saw an opportunity to capitalise on these market developments.”
NORDEN expects to see continued positive development in the dry cargo market. “We are still positive on the dry cargo market outlook, and we have significant upside to further asset price gains through 16 owned dry cargo vessels and 50 purchase options in our leased dry cargo fleet,” said Lykkegaard Madsen.
INTERCARGO, the association of dry bulk shipping companies, has released the following statement:&ldquo... Read more
ITOCHU Corporation, ClassNK, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (... Read more
The Women's International Shipping & Trading Association UK (WISTA UK) marked its 50th anniversary... Read more
Accidents onboard ships are not decreasing, according to latest accident statistics submitted to the... Read more
Solutions must be in place to help ship owners with navigating the complex challenges of complying with... Read more
Diversity and nurturing talent is high on the agenda for BCS Group – Boers Crew Services as it... Read more
With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator... Read more
The Institute of Chartered Shipbrokers (ICS), the professional body for the commercial shipping industry... Read more
Columbia Group and Crowley have signed a strategic cooperation agreement that broadens both companies... Read more
The 2024 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat company, reveals... Read more