Norden capitalises on rising dry cargo asset values
(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.
Latest News
ClassNK certifies NAPA Fleet Intelligence and Performance Monitoring and Optimization
(Posted on 25/05/22)Leading Classification Society ClassNK has certified NAPA Fleet Intelligence and NAPA Performance Monitoring... Read more
Idwal report feature enables further insight for owners and financiers
(Posted on 25/05/22)Idwal has announced that all inspection reports will now also include a data comparison feature that... Read more
IOMSR expands Greek fleet with four bulk carriers
(Posted on 18/05/22)The Isle of Man Ship Registry is expanding its Greek fleet with an agreement to flag four bulk carriers... Read more
Women climbing the maritime career ladder, but more can be done
(Posted on 18/05/22)Women are advancing up the Caribbean maritime career-ladder into senior positions – although more... Read more
ClassNK releases PrimeShip-HULL 2022 for new structural rules
(Posted on 12/05/22)Leading classification society ClassNK has released its design support system “PrimeShip-HULL... Read more
International segments drive solid Algoma performance
(Posted on 05/05/22)Algoma Central Corporation has reported its results for the three months ended March 31, 2022. Revenues... Read more
Report highlights INTERCARGO members’ commitment to quality
(Posted on 05/05/22)The International Association of Dry Cargo Shipowners (INTERCARGO) has launched the thirteenth edition... Read more
ClassNK issues AiP for ammonia-ready LNG-fuelled bulk carrier
(Posted on 27/04/22)Leading Classification Society ClassNK has issued an Approval in Principle (AiP) for the design of an... Read more
Inmarsat combats rising maritime cybercrime with fleet secure UTM
(Posted on 27/04/22)Inmarsat, the world leader in global, mobile satellite communications, has launched Fleet Secure Unified... Read more
Bulk shipping offering between UAE and Bangladesh
(Posted on 20/04/22)AD Ports Group has announced that its feeder service, SAFEEN Feeders, has signed a long-term trade facilitation... Read more
