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Thursday, November 26, 2020

S Norden News

Ulla Eithz Nielsen (Photo: V.Group)

Nielsen Named Managing Director of V.Ships Germany

Ship management company V.Group has appointed Ulla Eithz Nielsen as Managing Director for V.Ships Germany.Based in Hamburg, Nielsen joined V.Group in 2019 and previously held the role of Chief Operating Officer of Operational Excellence.Nielsen began her maritime career as a deck officer with A.P Møller and has experience in operational transformation as well as dry bulk and container vessel expertise gained with A.P Møller, Maersk Line, NORDEN and Norient Product Pool.Franck Kayser…

(File photo: Helge Hansen / Equinor)

Top Global Traders Push to Cut Shipping Emissions

Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea, and the UN shipping agency the International Maritime Organization (IMO) aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the

Nord Integrity, a 48,026 dwt MR product carrier (Photo: Synergy Group)

Synergy, Norden Launch Tanker JV

Synergy Group and D.S. Norden have formed a new 50/50 joint venture to handle the technical management of Norden’s owned tanker vessels. Norden Synergy Ship Management (NSSM) will be headed by Henrik Christensen who previously managed Norden’s Technical Department.“We see great alignment when we have partnered previously and we expect that to lead to more mutual wins in the future through NSSM,” said Captain Rajesh Unni, CEO & Founder of Synergy Group.The formation of NSSM further cements the partnership between Synergy Group…

(File photo: Norden)

NORDEN, Diamond S Partner in Product Tanker Market

Two of the world’s largest owners/operators of product tankers, Denmark-based NORDEN and U.S.-based Diamond S Shipping, have created a strategic partnership, DiaNor, to facilitate the commercial consolidation of the product tanker industry.Diamond S will initially contribute 28 medium range (MR2) product tankers to the endeavor, which will be marketed and operated through the Norient Product Pool (NPP). Diamond S also intends to contribute its existing in-house commercial expertise in the product tanker space to the global network of NPP.

© J E T Byrne / MarineTraffic.com

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann…

© donvictori0 / Adobe Stock

Shipping Not Immune to a Pandemic -BIMCO

The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent? BIMCO expects that the strict containment measures imposed by governments around the world will result in substantially lower global economic growth and consequentially, lower demand for shipping. Container and dry bulk shipping are at the front line when it comes to feeling the fallout…

© Igor Yu. Groshev / Adobe Stock

BIMCO Revises 2020 Forecast

The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the full consequences. Nevertheless, we see a need to update our 2020 forecast to make some of this massive uncertainty tangible.What is going on in addition to the coronavirus pandemic?Geopolitical tensions that made the OPEC+ alliance break down, has subsequently made the crude oil tanker spot freight market erupt. The events that followed the breakdown - and those that are likely to follow…

©  Mike Mareen / Adobe Stock

Capesize Index Turns Negative for the First Time Ever

Capesize index plummets to -133, the first time ever in negative territory – is it all up from here?The Baltic Exchange Capesize Index (BCI) dropped to -133 index points on February 4, 2020, turning negative for the first time ever on January 31, 2020. The composite BDI index (BDI), which has excluded the more stable handysize segment since March 2018, also dropped on February 4, 2020 to settle at 453 index points.The BCI has been on a freefall through the entirety of December, but the descent started to pick up more steam during the past couple of weeks.

(Photo: NORDEN)

NORDEN Examining Biofuels

NORDEN partners with Danish based Kvasir Technologies, a spinout from the Technical University of Denmark with a patented technology to produce fuel from plant material.“At NORDEN, we want to drive the shipping industry towards a cleaner future. If we are to truly make a difference, testing fuel alternatives is the right starting point,” says Henrik Røjel, Fuel Efficiency and Decarbonization Manager at NORDEN. “The collaboration with Kvasir is highly welcomed, both as part of…

Logo: Bawat

Bawat A/S Raises New Capital

The Danish company Bawat A/S, specializing in the treatment of ballast water aboard ships and in ports, has just finalized the provision of capital equal to more than $2.94m from new and existing shareholders.The new shareholders include Selfinvest Family Office as a key stakeholder, and previous TORM CEO and current SKULD chairman Klaus Kjærulff. Former Sondex owner Åge Søndergaard of SonFlow A/S joins the new shareholders. Their engagement represents considerable support of…

© zegendos/Adobe Stock

Exercising Maritime Liens Against Cargo and Sub-Freights

Vessel owners rarely carry cargo for their own account. More commonly by far, a vessel owner will charter its vessel to another party to carry their (or their sub-charterer’s) cargo. The contracts can vary widely – from voyage charters or contracts of affreightment to time charters to negotiable bills of lading (not to mention the more complex arrangements that one often sees for container cargos). But in most instances, vessel owners are in the business of transporting cargo on behalf of others and, all going well, of being paid to do so.

Photo: NORDEN

NORDEN Inks Long-Term Contracts

NORDEN  contracted with Enviva to transport 1.3-1.5 million metric tons of wood pellets from the US to Europe over a six-year period. The Contract of Affreightment (CoA), which runs from 2021 to 2026, builds on NORDEN’s long-term collaboration with Enviva, which began in 2012.NORDEN has also been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.The CoA, which runs from January 1, 2020 to December 31, 2022, will see NORDEN ship around 1.3 million tonnes of coal per year on Panamax vessels, an estimated 17-20 cargoes annually.

Shipping Giants May Miss Climate Targets

A new report says shipping companies failing to push for the critical technologies required to reduce their carbon footprint, such as emission-free ships.CDP, an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, said that the world’s shipping heavyweights are not investing in key technologies to reduce their carbon footprint, with the sector at risk of not meeting the International Maritime Organization’s (IMO) targets to…

Norden Expands into West Africa

Danish shipping giant Norden is opening an office in Abidjan, Ivory Coast, as part of the Company’s continued global expansion.The office will generate new business and focus on contributing positively to the development of the region, the dry bulk and tanker owner said in a press release.“Norden opens offices and employs people with a long-term horizon and that is also the case for our move into West Africa. We wish to come even closer to our business partners and increase our business presence and at the same time be part of and help the region develop by investing manpower…

Ship Recycling Transparency Initiative Launched

Industry leaders and non-profit the Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform - a tool for sharing information on ship recycling to drive responsible practice.According to a press release, the platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account…

© xy / Adobe Stock

Decarbonization: 34 Maritime CEOs Call for Action

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

Photo: SEDNA

NORDEN Adopts SEDNA

Danish dry cargo and product tanker operator NORDEN has announced the selection of SEDNA as a new platform for transaction management and team collaboration. NORDEN will use SEDNA across its business, replacing email as the default mode of communication for teams, and forming a key part the company’s business strategy of ‘Focus & Simplicity’.With an owned and chartered fleet of over 300 dry cargo and tanker vessels, NORDEN is the latest in a line of businesses in the shipping…

Photo: FotoFlite / Norden

Norden Lowers Its Expectations for Adjusted Result

Danish shipowner Norden has lowered its expectations for the adjusted result for the year to $0 to 30 million, down from $10 to 50 million, citing a weaker than expected tanker spot market.Norden's expected full-year result for its tanker business has been revised down to a range of -$35 to -20 million (previously -$15 to 5 million) after an adjusted result of -$8 million was recorded for the second quarter. The company said it expects a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.As a dry operator…

Photo: Dennis Schnell, Bulldog and Partners

Feringa Exits NORDEN’s Board of Directors

Team Tankers CEO, Hans Feringa, has resigned from the board of directors at Dampskibsselskabet NORDEN A/S following Team Tankers’ acquisition of a potential competitor to NORDEN’s tanker business. Team Tankers announced on Wednesday that it acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. “To avoid any conflicts of interest Hans Feringa has decided to resign from the Board at NORDEN,” said NORDEN’s board chairman, Klaus Nyborg. NORDEN said its board will initiate a search for suitable replacement candidate(s).

Photo: Peter Gramstrup / Norden

Norden Boosts Earnings Expectations

Danish shipping firm Dampskibsselskabet Norden A/S said its unaudited and preliminary results indicate an adjusted result for 2017 in the range of $20 million to $35 million, up from previous expectations of -$10 to $30 million.   Norden said the anticipated earnings improvement is a result of a stronger than expected performance in the fourth quarter of 2017 in both the tanker business and dry cargo business, including the dry operator.   Norden will publish its annual report for 2017 on March 6, 2018.

A NORDEN vessel in Vancouver (File photo: NORDEN)

NORDEN Opens Vancouver Office

NORDEN has opened a new office in Vancouver, Canada, as the Danish ship owner seeks to expand its global reach and local presence on the North American West Coast. “The new and increased presence on the West Coast will strengthen NORDEN’s ability to provide customers with transport to and from the Americas and from North America to Asia and enable NORDEN to become even more competitive on local coastwise trades,” the company said. “NORDEN has a strong presence with many port calls on the West Coast.

Rasmussengruppen Sells Stake in Norden

Oslo based financial investor Rasmussengruppen sold its entire stake which is 4.8 million shares of Danish dry bulk bulker owner Norden. The company's share capital consists of 42,200,000 shares of DKK 1 each, amounting to DKK 42,200,000. Rasmussengruppen was the second biggest investor in Norden, after Danish company A/S Motortramp on 28.08%. Norden  operates one of the industry’s most modern, flexible and competitive fleets globally within the dry cargo and tanker vessel types. Norden  was founded in 1871 and is one of the world’s oldest listed ship owners.

A NORDEN dry cargo vessel loading salt in Patillos (Photo: NORDEN)

NORDEN to Ship Road Salt from Chile to US

NORDEN has entered into a 10-year contract effective 2020-2029 for the transportation of 4-5 million metric tons of road salt to be loaded in Caleta Patillos 1,400 kilometers north of the Chilean capital Santiago and discharged primarily on the American East Coast in ports between Boston and Baltimore. Road salt – or rock salt – will be carried on Supramax vessels. The contract covers 8-10 voyages per year of 50,000 metric tons each. A voyage is expected to take approximately 30 days and the vessels will pass through the Panama Canal to get from the South American West Coast to U.S.

NORDEN Expands Tanker Fleet

NORDEN is in the process of increasing its tanker exposure. The purpose is to take advantage of the business opportunities provided by the fluctuations of the cyclical market, said a communicaion from the company. ”During the strong tanker markets throughout 2015 and the first half-year of 2016, NORDEN prioritised coverage. We therefore reduced the open capacity for 2017 and onwards. But in the wake of the decline in the market during the second half of 2016, we have again started to increase our capacity and exposure. And this is done at competitive prices,” says CEO Jan Rindbo.

Petersen Appointed Operation Manager, Scandlines

Senior Vice President Route Management & Operations of Scandlines Claus Nikolajsen retires as of 31 January 2017. He is relieved by Michael Guldmann Petersen who joins Scandlines with solid international maritime experience. After 35 years with Scandlines, Claus Nikolajsen retires at the end of January 2017. To take over the position as SVP Route Management & Operations, Scandlines has appointed Michael Guldmann Petersen who turns 50 on 29 January 2017. Michael took his master’s license in 1991 in Copenhagen and sailed for Maersk until 2000.

NORDEN, Pinnacle Ink Wood Pellets Transport Deal

Dampskibsselskabet NORDEN A/S has entered into a 9-year contract for the transportation of wood pellets with Canada’s largest manufacturer of wood pellets, Pinnacle Renewable Energy Inc. According to the contract, NORDEN will transport a total of 3.5 million tons of wood pellets from 2018 from Vancouver and Prince Rupert in Western Canada to Europe. The transports will be carried out on Supramax vessels, of which NORDEN is one of the world’s largest operators. There will be 8 trips a year, and each trip is expected to take 65 days.