Friday, November 16, 2012

[Marine] Norden orders Eco kamsarmax

Norden orders Eco kamsarmax

With abundant cash reserved, Norden placed an order for ice-class fuel-efficient bulker at Japanese shipyard.

Also, it seems that Norden plans to invest in further new vessels with a plenty of cash funded by selling second hand vessels.

Norden has not revealed the shipyard involved and the newbuilding price, but the kamsarmax has been signed for five-year charter contract.

Carsten Mortensen, CEO of Norden, said the company needs to add more vessels, eco-friendly vessels in particular, as it is looking into focusing on bulker segment from tankers.

According to Mr. Mortensen, Norden has $393m in cash and securities, $185m undrawn on existing credit lines and has generated $100m from the sale of seven bulkers in recent months.

And he added “We can buy a lot of ships," but "We have no great hurry to rush into anything right now."

Published : November 15, 2012

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