NORDEN Expands Tanker Fleet
By Aiswarya Lakshmi
August 17, 2017
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.
NORDEN’s agile – i.e. fast and flexible – answer to market developments has a positive impact on results, he said.
At the end of March 2017, NORDEN’s tanker fleet consisted of 36 vessels – 25 MR vessels with a cargo capacity of 45,000-50,000 tonnes and 11 Handysize vessels, which are able to carry 35,000-37,000 tonnes.
9 MR vessels and 10 Handysize vessels are owned by NORDEN, the remaining have been chartered in.
In 2017, NORDEN has so far chartered the following number of vessels to be delivered up to 2020:
Medium term: A total of 8 vessels – 7 MR and 1 Handysize.
Long term: A total of 6 vessels – 4 MR and 2 Handysize.
In addition, NORDEN has bought 2 secondhand MR vessels – one is from 2009 and the other is from 2010. These are the first purchases since NORDEN’s Tanker business sold 3 of its oldest Handysize vessels.
