The Norwegian forest products carrier company Norlat is to be integrated into Norden’s “Projects and Parceling” division.
The Danish shipping company Norden is expanding its offering for project and smaller bulk cargoes by taking over the Norwegian handysize specialist Norlat.
The company will be integrated into the “Projects and Parcelling” division, which handles the chartering of multipurpose freighters and handysize bulkers by combining part loads. With its customer-oriented approach and geographical focus, Norlat is a good addition to the group, explained Norden CEO Jan Rindbo. This will enable the shipping company to offer its cargo customers even more flexible solutions.
Recent significant expansion at Norlat
Norlat, founded in 1986, focuses primarily on the shipment of forestry products, steel and other bulk goods from Northern Europe to North Africa and North America. With a team of eight people at three locations in Norway and Sweden, the carrier organises four to five voyages per month, mostly with handysize tonnage. One of the main ports on the continent is Neustädter Hafen in Bremen.
The company has significantly expanded its activities in recent years and took over its long-standing partner, Scandinavian Chartering, in 2022. Norlat Managing Director Paal Henrik Boehaugen explained that there is almost no overlap between the company’s own activities and those of Norden, so the expected synergies are correspondingly high.
The partners did not disclose the selling price. The transaction is still subject to antitrust reviews, but these are unlikely to be an obstacle. Norden’s profit forecast of US$150m to US$250m for the current year is not expected to change as a result of the transactions. The Danish shipping company’s share price has risen by +1% so far to just under DKK 300.
This is Norden’s first acquisition since taking over the project and breakbulk carrier Thorco Projects around a year ago. Like Thorco, the Norlat name is also likely to disappear as a brand following its integration into Norden’s Projects & Parcelling division. (mph)
