Norden has confirmed it has sold four bulkers during the past month, which it says is part of its strategy to become a more asset-light business.
Two 77,200-dwt geared panamaxes Nordkap and Nordpol (both built 2002) have been sold, the Danish company confirmed.
Brokers last week reported the vessels were picked up by unknown Chinese buyers for $7.25m each.
Norden also confirmed it has sold its 58,800-dwt supramax Nord Express (built 2007), which brokers say was purchased by an unknown buyer for $11m.
The 36,600-dwt handysize vessel Nord Mumbai (built 2011) has also been sold, Norden said.
The buyer is believed to be Graanul Invest, an Estonia-based wood pellet producer. The company reportedly paid $12.5m for the bulker, according to brokers' reports.
Graanul Invest previously purchased the vessel's sister ship, Nord Shanghai (built 2012), from Norden for $13.4m at the end of 2017.
Strategic direction
Norden's chief executive Jan Rindbo said the company will always buy and sell vessels when the right opportunities arise — and currently the time is right for divestment.
“It is part of our strategy to become increasingly asset-light by growing the part of the business based on chartered vessels," Rindbo said in a release on Tuesday.
"We need agility and flexibility to be able to swiftly adjust to changing markets, and we get that when we charter in vessels," he added.
Norden owned less than 15% its fleet during 2018 and said it expects this percentage to decrease further.
"Norden will continue owning vessels. But it will to a greater extent than today be a commodity, which can quickly be bought and sold when we get the right offer," Rindbo said.
