NORDEN Decreases Its Handysize Fleet by Four Ships

  • Business & Finance

Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) has sold four Handysize dry cargo vessels, as part of the strategy Focus & Simplicity through which the company is focusing its ownership in the dry cargo segment on the medium-sized vessel types Supramax and Panamax.

NORDEN’s latest sale agreement is related to vessels ranging from 32,282 dwt to 32,353 dwt, all of which were built in 2011.

The vessels in question are Nord Hong Kong, Nord Houston, Nord London and Nord Vancouver.

The new owner of the Handysizes was not disclosed.

NORDEN said that it intends to reinvested the proceeds from the sale in Supramax and Panamax vessels, adding that the sale will entail an accounting loss of USD 18 million.

The company now owns eight Handysize vessels.

Earlier this week the company decided to exit the Post-Panamax segment as it sold four of its remaining Post-Panamax vessels, namely, Nord Delphinus, Nord Dorado, Nord Pisces and Nord Pyxis.

The sale of the 2010-built Post-Panamax ships, which feature some 114,167 dwt, would entail an accounting loss of USD 16 million, the company said, adding that it will continue operating four chartered ships of this type.

In line with previous expectations, NORDEN forecasts the adjusted results for the year 2016 to range between USD -60 to USD 30 million.

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