NORDEN sells 3 bulk carriers

10 Sep 2009

NORDEN has agreed to sell 3 Handymax bulk carriers for a total of USD 103 million before selling costs. The sales have no impact on the expectations for 2009, but they further strengthen NORDEN's financial position.

All 3 vessels have been sold at a higher price than the market prices which 3 independent brokers gave on 30 June 2009. In total, the selling prices exceed the brokers' average estimates by USD 4.3 million.

The 3 sold Handymax bulk carriers are:

• A newbuilding which NORDEN takes delivery of from Japanese yard on 16 September after which NORDEN will operate the vessel until it is delivered to the new owners at the turn of the year 2009/2010.

• A newbuilding which NORDEN expects to take delivery of from Japanese yard on 20 November 2009 after which the vessel will be delivered directly to the new owners.

• M.v. NORDEN, which was built in 2005 and acquired by the Company in 2008 by declaring a purchase option. The vessel is expected to be delivered to the new owners in November 2009.

Full report at www.ds-norden.com

NORDEN