Denmark’s Norden has reportedly bought another two modern newcastlemaxes to add to its growing fleet of large bulkers.
The acquisition follows soon after the purchase of two other newcastlemaxes this month and the sale of a capesize for profit by the Copenhagen-listed company.
The owner-operator is said to have bought the 210,000-dwt Trust Qingdao and Trust Shanghai (both built 2021) from ICBC Financial Leasing for $73m each.
Norden declined to comment on the acquisition when contacted by TradeWinds.
The duo were built at Shanghai Waigaoqiao Shipbuilding in China to the yard’s own design with eco-electronic engines and have been fitted with scrubbers and ballast water treatment systems.
They were part of a four-vessel order at SWS in January 2020 that was backed by eight-year bareboat charters to CITIC Metal Group of Hong Kong, a commodity trader that also holds investments in iron ore mines globally.
Earlier this month, Norden bought the 209,301-dwt newcastlemaxes T Melbourne and T Singapore (both built 2021) from Sinokor Merchant Marine for an unreported price.
Like the most recent acquisitions, these were built at SWS to the same design and have eco-electronic engines, scrubbers and ballast water treatment systems.
The T Melbourne has been renamed Nord Argentum and the T Singapore is now known as Nord Aurum.
In mid-May, Norden sold its 179,678-dwt capesize Nord Ferrum (built 2011) for $34m to undisclosed buyers, making around $1.5m in gross profit.
Norden bought the ship in March last year from Star Bulk Carriers for $32.5m.
The Danish firm has been an active buyer and seller of vessels this year.
It booked a first-quarter net profit of $62m, which included $55m in 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 14 vessels following the sale of the Nord Ferrum and the acquisition of the four newcastlemaxes in May.
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 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.
