Norden has sold a capesize bulker for a profit after owning it for just over a year.
The Danish owner-operator looks set to have made $1.5m in gross profit from the sale of the 179,678-dwt Nord Ferrum (built 2011).
Brokers report that the scrubber-fitted ship, which was built at Hyundai Heavy Industries’ Subic Bay in the Philippines to the yard’s own design, was sold to an undisclosed buyer for $34m. It has a ballast water treatment system on board.
Norden bought the ship in March last year from Star Bulk Carriers for $32.5m. It also bought a sister ship, the 179,600-dwt Nord Magnes (built 2011), at the same time for the same price.
VesselsValue estimates the Nord Ferrum’s market value at $33.45m, while Maritime Strategies International puts it between $31.7m and $36.8m.
The reported price for the Nord Ferrum is well above the last comparable deal for a slightly younger vessel reported on 22 April.
The 179,900-dwt Lowlands Prosperity (built 2012), built at HHI Subic Bay to the same design, was sold by CLdN Cobelfret for $30m to Greek interests. It also has a ballast water treatment system but no scrubbers.
Clarksons described the sale price as “low” in a report.
The UK broker values 10-year-old eco-design capesizes at $43m and 15-year-old non-eco ships at $27.5m.
Asset trader
Norden has been an active buyer and seller of vessels this year.
It booked a first-quarter net profit of $62m, of which $55m was gains from the sale of three MR2 tankers recognised during the period.
The company also spent the first quarter building up its capesize fleet, ordering four newbuildings and buying two modern secondhand newcastlemaxes.
Its owned and leased capesize fleet will stand at 10 vessels following the sale of the Nord Ferrum.
Jesper Andersen, who joined Norden last year, heads the capesize desk. He arrived from Oldendorff Carriers, where he was director of the South Pacific supramax and handysize business.
Norden has said it ultimately wants to build an operated fleet of between 20 and 25 capesizes to have critical mass in the market but has no deadline for the target.
The initial focus will be the “classic” capesize business — iron ore, coal, bauxite — to offer an expanded service for clients.
The bigger vision is to leverage its capesize presence to help customers decarbonise their supply chains and reduce their Scope 3 emissions.
Norden has been contacted for comment on the sale.
