Norden has sold a nine-year-old product tanker in what company executives describe as a successful round of asset plays.
The Danish shipowner and operator said the 50,000-dwt Nord Andes (built 2011) was offloaded to an Asian buyer.
Further details were not available. Brokers reported that China's Xintong bought the MR ship for $20.6m last month.
VesselsValue estimates the Onomichi Dockyard-built vessel was worth about $20m in September.
Norden chief executive said Jan Rindbo said: “We are driven by the opportunities we see in the market to continuously optimise our fleet.
“Having generated excellent revenues on the vessel during a strong market, we have now sold Nord Andes at roughly the same level as the purchase price, which is an agile asset trade within just 10 months.”
TradeWinds reported Norden bought the ship and the 50,000-dwt Nord Himalaya (built 2011) from Cyprus-based Donnelly Tanker Management for $43m en bloc late last year.
“We bought the vessel with the expectation of a stronger tanker market throughout 2020,” Norden’s head of asset management Henrik Lykkegaard Madsen said.
“The upturn was in fact much steeper and shorter than expected. We have been able to capture the upside in the market and make very good returns on this vessel during the short period we owned it.”
Average MR earnings rose from $18,823 per day in the first quarter to $26,688 in the second, before dropping to $9,062 between July and September, Clarksons Research data shows.
But the company raised its profit guidance for 2020 by an extra $30m last month, boosted by rising earnings from dry bulk shipping.
Norden, which operates bulkers and product tankers, now expects full-year adjusted results of between $70m and $110m. This compares with its previous expectations of between $40m and $80m.
