Norwegian dry cargo operator NorLat Shipping has been bought out by Norden, which is aiming to expand its projects and parcelling business.
Norlat specialises in carrying sawn timber from Baltic and Continental ports to North Africa and North America.
No price was disclosed for the deal, which is still subject to merger approvals. Norden said it would not affect its profit guidance for 2024.
Norden CEO Jan Rindbo said: “With a customer-centric business and trading routes complementary to Norden’s, Norlat is a great fit with Norden.
“Norlat allows Norden to further cement our growing position within projects and parcelling, enabling us to offer our customers fully flexible solutions, as a global provider of ocean-based freight services for bulk and project cargo of all sizes.”
Norlat was founded in 1986 and is majority owned by its managing director, Paal Henrik Boehaugen. Patrik Thomas Patriksson, who works for the firm in Sweden, owns the remaining 15%.
It has offices in Sarpsborg and Bergen in Norway and Stockholm, Sweden.
Its asset-light business, which employs eight people, is based in the Swedish capital. The team typically handle four to five monthly shipments, usually on board handysize bulkers.
“Norlat is an extremely skilled parcelling business, increasing Norden’s access to the Northern European forestry trade, new customers and cargo,” said Rindbo.
He said he sees “significant opportunities for further growth and commercial synergies” following the merger.
Norlat’s managing director, Paal Henrik Boehaugen, said: “Our operations have many similarities, but almost no overlaps.
“Joining Norden will help us bring out the untapped potential that our team possesses, we are looking forward to starting this new adventure.”
Norden has been active in parcelling for some time but took strides to expand the business by buying Thorco Projects in mid-2023.
Thorco Projects has since been merged into Norden’s Freight Services & Trading business unit, operating as Projects & Parcelling.
NorLat will be merged into the division in the same way, Norden said.
