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Norden renews product tanker fleet as it cashes in on high bulker values – Splash247

Norden said it made a number of asset trades during the fourth quarter of last year, capitalising on the strong dry cargo market while optimising its product tanker portfolio.

The Danish owner and operator sold four bulkers during Q4 2021, making use of ten-year high asset prices to secure significant sales profits. “Sales profits and higher paying time charter cover on dry cargo vessels will benefit results in 2022,” the company said. 

Meanwhile, in the product tanker segment, Norden has replaced a couple of older tanker vessels with modern, fuel-efficient vessels, adding 2 secondhand MR tankers built in 2020 as well as 2 leased newbuildings, which are scheduled for delivery in 2023. “This is part of optimising our tanker portfolio fleet with modern eco-vessels as part of our climate strategy, as we believe customers will increasingly favour vessels with the lowest emissions,” said Henrik Lykkegaard Madsen, head of asset management.

Following these transactions, Norden owns a fleet of 12 dry cargo vessels and 18 product tankers with the option to acquire an additional 72 vessels through purchase options on leased vessels. In December last year, the company announced it had consolidated three business segments into two, one focused on investments and the other on asset-light freight services.

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