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Norden initiates billion dollar newbuilding investment

With three new credit facilities for a total USD 187 million the Danish dry bulk and tanker carrier has now secured partial financing for a massive newbuilding program worth a total of USD 1 billion. The first ships from a series of 37 will soon be delivered.

Early next year Norden will take delivery of the first two eco-design product tanker vessels from a series of four, set to be delivered from Korean yard STX. The ships are expected to be 11-12 percent more fuel efficient than the most efficient ships in the carrier's existing tanker fleet, which is placed in the Norient pool.

The ships represent just a small part of Norden's tanker and dry bulk newbuilding program, which includes 31 dry bulk vessels and 6 product tanker vessels that will be delivered over the next three years, at a total price of around USD 1 billion.

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