

(Posted on 20/04/21)
NORDEN’s Asset Management division - which handles buying, selling and leasing of dry cargo vessels and tankers – has made a number of asset trades in recent weeks to capitalise on market opportunities.
Since the start of the year, two Handysize tanker vessels NORD BELL and NORD HUMMOCK have been sold.
Meanwhile NORDEN has purchased three dry cargo Kamsarmax vessels, to be delivered during the second half of the year; and has entered into agreement to lease a further seven dry cargo vessels with period and purchase options.
The trades have been in line with a strategy to shift exposure away from the tanker segment to dry cargo. In total since the beginning of 2020, NORDEN’s Asset Management division has entered into agreements for 33 owned and leased dry cargo vessels.
“Our switch of exposure from tankers to dry cargo has been well-timed,” said CEO Jan Rindbo.
“The tanker market is still challenged by low oil demand due to the pandemic; while the dry cargo market is extremely strong and we see this trend continuing during the year.”
At the same time, another dry cargo vessel, NORD STELLAR, has been sold, after being purchased by NORDEN in December. The vessel has only just been delivered to NORDEN and will undertake one voyage under the NORDEN flag before being delivered to new owners.
“The sale of NORD STELLAR is not an indication of our loss of faith in the dry cargo market, but rather an example of a fantastic asset trading opportunity,” explains Henrik Lykkegaard Madsen, Head of Asset Management.
“The strong dry cargo market and rising asset prices enabled us to generate a great return on this ship during our very short period of ownership. In Asset Management we continually look for such opportunities to capitalise on market developments.”
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