Njord Shipping has sold a nine-year-old handysize bulker for $16.75m, meaning investors have tripled their money in five years.
Oslo-based Njord bought the 36,000-dwt Nordic Malmo (built 2012) from a German bank at the bottom of the market in the third quarter of 2016.
The handysize has now been sold to a German investor.
According to Njord chief executive Henrik Naess, the deal means investors in the Nordic Malmo have tripled their equity.
Good returns
Another Njord bulker — the 35,000-dwt Nordic Incheon (built 2018) — is also reported sold for $20.2m.
This project was sold with a 100% return after three years.
Njords chairman and founder Endre Glastad has built the company to become a sizeable player in the dry bulk market with 13 ships in the handysize segment.
Together with external investors, Njord has also bought four tankers, one container feeder ship and six MPP cargoships, all with long contracts.
Glastad Holding owns 75% of the shares in Njord.
