The Danish shipping company Norden is active on the shipping market again.
The company, managed by Jan Rindbo, has announced that the sale of five ships will release new assets. Norden is also continuing to buy back shares.
The Hellerup-based ship owner and operator has disposed of two undisclosed bulkers of the Kamsarmax size. In addition, an Ultramax vessel and an MR tanker from its own fleet have been sold.
Several shipbrokers recently brokered Norden’s 2015-built “MR2 Nord Swift” and the 2020-chartered Kamsarmax vessels “Sentosa Challenger” and “Sentosa Spirit” to Greek buyers for a total value of around $97 million.
Norden also announced that it has agreed to sell one of its Ultramax newbuildings, which is expected to be delivered at the end of 2025. The vessel will be leased back under a time charter with extension and purchase options.
Norden fleet at almost 100 vessels
The sales immediately follow acquisitions last year: at the end of 2024, Norden strengthened its own fleet with purchase options for a Handysize bulk carrier and four MR tankers at below-market prices and signed a lease agreement for two new bulk carriers. This was followed by a contract for up to four 17,500 dwt multipurpose newbuildings for delivery in 2026 and 2027.
Following the latest transactions, the company now has 20 owned vessels and 79 vessels in long-term charter agreements with purchase options, 39 of which can be exercised this year. In addition, the shipping company is continuing the announced share buyback program. Since the beginning of February until March 14, 2025, 436,000 shares have been purchased at an average price of DKK 190 ($27.5) per share.
