Norden announced that have agreed to sell two Capesize vessels, NORD POWER and NORD ENERGY, with delivery scheduled for Q1 2025. This is a strategic sale of existing, older dry cargo vessels to realise NAV and maximise returns at a time when second-hand Capesize asset prices are at elevated levels. The expected sales profit will be realised in our Q1 2025 financial results.

To optimise our vessel portfolio, NORDEN has also entered into two new dry cargo leases with purchase options – one Capesize newbuilding and one Handysize newbuilding – both will be built in Japan with expected deliveries in 2028. We are committed to replace older vessels with high-quality newbuildings featuring state-of-the-art designs and the best available fuel performance, which will further enhance our freight service to customers.

Henrik Lykkegaard Madsen, Head of Asset Management comments: “By leasing newbuildings, we position ourselves advantageously against the backdrop of an ageing global fleet and the lowest orderbook in decades. With tight shipyard availability anticipated in the coming years, newbuilding prices and forward charter rates in the dry cargo sector are expected to remain robust.”

Furthermore, as a strong testament to the value upside and agility of our business model, NORDEN has also exercised five purchase options below current market asset prices. The five purchase options are related to one Handysize dry cargo vessel and four MR tankers, and they will be added to our portfolio of owned vessels during H1 2025.

After these transactions, NORDEN’s asset portfolio will consist of 17 owned vessels and 79 long-term leases with purchase options – of which 43 can be declared before the end of 2025.