Danish bluechip Norden is diversifying its business base. The listed dry cargo and product tanker firm has moved to acquire Thorco Projects, providing access to new customers within the general cargo segment such as breakbulk, steels and wind energy. No price has been revealed for the acquisition.
Thorco Projects is a Danish-headquartered shipping company established in 2003 as part of Thornico Group.
Thorco Projects has in recent years transformed into an asset-light business operating a chartered 30 to 40-strong fleet of predominantly handysize vessels, where Norden is a significant operator.
“We look forward to welcoming the Thorco Projects team into Norden and offer customers an enhanced global service across all non-containerised cargo types,” said Norden CEO Jan Rindbo.
In a release, Norden said it saw numerous commercial synergies between the two businesses, including an overlap in Thorco Projects’ fronthaul routes and Norden’s backhaul routes, creating the opportunity for trading route optimisation.