Norden has ordered another two ultramax bulker newbuildings from a yard in China and has bought a secondhand supramax.
The 61,000-dwt duo will be built at Nantong Cosco KHI Ship Engineering (Nacks), which is a joint venture between China Cosco Shipping Corp and Kawasaki Heavy Industries of Japan.
The Danish shipowner-operator has not disclosed the contract price, but confirmed that the duo will be delivered in 2022, the same as the four 61,000-dwt ultramaxes it ordered at the yard in June.
Jan Rindbo, chief executive, said Norden's strategy is to seize dry cargo asset opportunities after a long period of declining values.
“These deals represent great tactical asset opportunities for Norden, which we are here acting on,” he said on Tuesday.
“Tonnage prices are about 10%-20% lower today than 2018/2019 levels, where Norden sold 10 vessels.”
Sale and leasebacks
Norden said on Tuesday it has sold and leased back two of the four ultramaxes it has on order at NACKS in deals that are subject to final completion of terms.
The company said it sealed the deals to free up liquidity and act on "attractive" charter rates "while securing good optionality from period and purchase options".
The freshly ordered duo will not, however, immediately become candidates for sale-and-leaseback deals, Norden told Tradewinds.
Meanwhile, Norden said it has bought a secondhand 2014-built supramax bulk carrier, which was also built at NACKS and will join the Norden fleet in September.
The shipowner did not identify the unit, but it is likely to be the 61,600-dwt MI Harmony (built 2014), which was reported sold to Danish interests in July for $15.8m by Itochu Corp of Japan. Until its sale, the vessel had been operated by Oldendorff Carriers.
The supramax and newbuildings will be managed by Norden's asset management business unit, which looks after the company's core fleet of owned and long-term leased tankers and bulkers.
Norden is awaiting delivery this year of two 64,000-dwt ultramaxes from Oshima Shipbuilding in Japan.
According to data from VesselsValue, the ultramax orderbook stands at 137 vessels, including launched ships, which is equal to around 13.5% of the live fleet of nearly 1,020 vessels in the segment.
Some 59 ultramax newbuildings are scheduled for delivery this year, according to VesselsValue.
