Trading update - Expanding the strategic position in Capesize


During the first two months of Q2 2024, NORDEN has made four transactions, focusing on expanding the strategic position and enhancing the climate commitment within dry bulk by adding two new modern Capesize vessels (2021) to the owned fleet, while at the same time capitalising on the current strong market conditions by divesting an old Capesize vessel (2011). 

In addition, one MR tanker was chartered in.

Henrik Lykkegaard Madsen, Head of Asset Management, elaborates: “These transactions are part of optimising our Capesize fleet with modern vessels in line with our climate strategy, as we believe customers will increasingly favour vessels with the highest fuel efficiency and lowest emissions.”

After these transactions, NORDEN owns seven product tankers and 19 dry cargo vessels of which 10 dry cargo vessels are purchased with future delivery. 

Furthermore, NORDEN has the option to acquire an additional 82 vessels during the coming years through purchase options on leased vessels. 

These trading activities reflect NORDEN’s active portfolio management strategy, whereby opportunities to optimising the vessel portfolio is continuously identified. 

NORDEN will publish the interim half-year report for 2024 on August 8, 2024.

About Capesize vessels

Capesize bulk carriers are usually between 150,000-210,000 tonnes in deadweight with a length of 289 meters. The vessels are 45 meters wide with a draft of about 18 meters when fully loaded. The name Capesize originates from a time when the vessels were too large to transit the Suez Canal and Panama Canal and instead had to traverse between oceans via either Cape of Good Hope or Cape Horn. 

For more information, please contact:

Anne-Louise Dam-Rasmussen
Head of Internal and External Communications
+45 2156 1564

Stig Frederiksen
Head of Investor Relations
+45 3315 0451