ShippingWatch

Norden to continue tanker fleet expansion

Carrier Norden has been very active in terms of expanding its tanker fleet in 2017 through acquisitions and charters. The carrier is focusing especially on MR vessels, while also adding Handysizes to the fleet.

Nordens MR-tankskib Nord Imagination PR-foto: Norden

Norden has been building up its tanker fleet in 2017, and the carrier plans to keep up the fleet expansion, according to its publication Norden News.

Here the carrier notes that the expansion involves MR vessels in particular, but more ships will also be added to the Handysize segment. The main focus will be to sign charter contracts for one year at a time.

But the current market conditions mean that the carrier is also looking at other possibilities.

"In the current poor tanker market, the price level of both newbuildings and secondhand vessels has provided some attractive opportunities to increase Norden's core fleet in particular of MR product tankers. Norden does not expect the historically relatively low price level to change Norden expands its tanker fleet right away, and so there will possibly continue to be attractive opportunities to increase the long-term chartered tonnage during 2017 – i.e. tonnage chartered for more than 13 months," writes the carrier.

So far this year the carrier has chartered 11 MR vessels and three Handysizes on either mediumor long-term contracts, while Norden has also bought two second-hand MR vessels built in 2009 and 2010, respectively. All the ships will be delivered to the carrier ahead of 2020.

The tanker fleet consisted of 36 vessels per March 31, of which 25 were MR vessels with capacities ranging from 45,000 to 50,000 tons. Of the combined fleet, Norden owns nine MRs and ten Handysize vessels while the rest are on charter.

English Edit: Daniel Logan Berg-Munch

DNB Markets: Norden misses out on bulk vessel price hike

Norden logs USD 1 million profit in Q1

Norden to spend up to USD 38 million on ballast water systems

Frontpage right now

Maersk believes several problems in Alang are now solved

Improvements at three yards in Alang have been so big, that they now represent a real alternative to China and Turkey, says Maersk CEO Søren Skou. However, the group acknowledges that there is still uncertainty with regard to the marine environment and problems with access to medical aid.

Dry bulk recovery halted – index plunging

The benchmark Baltic Dry Index has tumbled down over the past two months, and the same applies to the share prices of the listed dry bulk carriers. But Drewry expects that the decrease is temporary.

Grieg Star expects new deficit this year

The dry bulk market was weaker than expected last year, says Grieg Star's CEO Camilla Grieg, who projects another loss in 2018. The plan is to land a profit in 2019, she tells ShippingWatch.

Hedge funds increase shipping investments

Tufton Oceanic sees price rises of up to 100 percent in shipping stocks over the next two years. Adjusted for shipyard costs, they are currently trading at the lowest level in decades.

Related articles

Latest news

Jobs

See all

See all