Norden seizes tanker market opportunities
Photo: Donelly Tanker Management
Norden has completed the sale of product tanker Nord Andes to an Asian buyer. The sale of Nord Andes comes just 10 months after the vessel was purchased by Norden in December 2019, and underlines Norden’s strategy to be an asset-trading company.
“We are driven by the opportunities we see in the market to continuously optimise our fleet”, says Jan Rindbo, CEO, Norden.
“Having generated excellent revenues on the vessel during a strong market, we have now sold Nord Andes at roughly the same level as the purchase price, which is an agile asset trade within just 10 months”.
The tanker market experienced a significant spike in earnings in the first half of 2020 due to increased demand for floating storage, generating strong returns for Norden.
“We bought the vessel late last year with the expectation of a stronger tanker market throughout 2020”, says Henrik Lykkegaard Madsen, Head of Asset Management, Norden.
“The upturn was in-fact much steeper and shorter than expected. We have been able to capture the upside in the market and make very good returns on this vessel during the short period we owned it”.