Norden orders Ultramax quartet


Norden has ordered four 61,000 dwt Ultramax carriers from NACKS in China. A similar Ultramax vessel <i>Market Cooper</i> (pictured) was delivered by NACKS in March 2020. (Image: KHI)Norden has ordered four 61,000 dwt Ultramax carriers from NACKS in China. A similar Ultramax vessel Market Cooper (pictured) was delivered by NACKS in March 2020. (Image: KHI)



Denmark-based ship owner Norden has ordered a quartet of Ultramax bulk carriers from Nantong COSCO KHI Ship Engineering (NACKS).

The four 61,000 dwt Ultramax vessels are expected to be delivered in 2022, Norden announced on 29 June 2020. The 199.9m long design is a specialty of the shipyard, and the design’s 77,539 m3 capacity offers operational flexibility.

The order was also noteworthy for comments by Norden CEO Jan Rindbo about Norden’s cyclical market exposure.

“Having sold 10 dry cargo vessels since 2018, we believe asset prices have now declined sufficiently to present a good trading opportunity to buy,” notes Jan Rindbo.

The newbuildings will join the core fleet of Norden owned and long-term leased tanker and dry cargo vessels managed by the Asset Management business unit.

“With a demand outlook gradually returning to normal and a low orderbook, we believe it’s a good time to buy assets and secure competitively priced tonnage” says Henrik Lykkegaard Madsen, Head of Asset Management. “Furthermore, the contracted vessels have been secured with the aim of trading the portfolio of bulk carriers within the prevailing market volatility to optimise our returns.”

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