NORDEN has agreed to manage 5 dry cargo vessels - Corporate News

14 Nov 2008

Corporate News - Newsletter 14 November 2008

Dampskibsselskabet NORDEN A/S has entered into an agreement to manage 5 Handymax and Panamax dry cargo vessels technically as well as commercially.

The vessels have recently been sold through a private sale to an investor group. The vessels were previously owned by a number of subsidiaries which were fully owned by Britannia Bulk Plc. The contract with NORDEN is arranged by Nordea Bank Danmark, which has financed the deal.

The 5 vessels are – with their new names:

- Ice Dreamer (built in 1998, 69,146 dwt)
- Moon Dancer (built in 1995, ice-class, 43,605 dwt)
- Izara Princess (built in 1995, ice-class 43,705 dwt)
- Freyja Divine (built in 1994, 70,029 dwt)
- Dawn Voyager (built in 1994, 70,003 dwt)

In accordance with the agreement, NORDEN's Technical Department will handle crewing, purchasing, control/repairs, inspections, classification and authorisation matters, environment and safety, etc. The Technical Department already manages NORDEN's owned dry cargo vessels and product tankers.

According to the agreement on commercial management, NORDEN's Dry Cargo Department will charter and operate the 5 vessels through its network of offices in Copenhagen, Singapore, Shanghai, Mumbai, Annapolis and Rio de Janeiro.

"We see it as a vote of confidence that the owners of these vessels have chosen our technical and commercial expertise to operate the vessels during these difficult times in the dry cargo market," says Carsten Mortensen, President & CEO.

NORDEN