NORDEN names first of 6 new MR product carriers - Corporate News

27 Oct 2009

NORDEN names the first of 6 new MR product tankers from Imabari Shipbuilding Co. The ceremony followed NORDEN’s annual event for Japanese partners. The most recent addition to NORDEN’s tanker fleet – a 48,006 dwt Medium Range (MR) product tanker – has been named NORD IMAGINATION at a ceremony at Iwagi Zosen Shipyard, one of 8 yards in the Seto Inland Sea region which together form Japan’s leading ship builder, Imabari Shipbuilding Co. Ltd.

NORD IMAGINATION will be delivered to NORDEN on 30 October and will enter Norient Product Pool. Her maiden voyage goes to Singapore and her first assignment is with one of the Pool’s regular clients.

NORD IMAGINATION is the first in a series of 6 MR newbuildings which will all be given I-names honouring their origin at Imabari Shipbuilding. The sister vessels will all be delivered in 2010 and enter Norient Product Pool upon delivery. NORDEN charters each vessel for 7 years with purchase options attached.

A large group of notabilities witnessed the cut of the champagne cord and toured the vessel before participating in a reception party at a nearby hotel. At this party, Executive Vice President Takumi Higaki from Imabari Shipbuilding Co. thanked NORDEN for the co-operation: “We have been keeping a good relationship through many projects since our first deal in 2000. I really thank you for your constant patronage and look forward to materialising further deals with NORDEN in the future.”

6th NORDEN Invitational

The naming ceremony followed immediately after the 6th NORDEN Invitational - the annual event for NORDEN’s business partners in Japan, which gathered more than 100 representatives from head owners, trading houses, brokers, yards, cargo owners and financial institutions.

Following a full day of golfing led by professional golfer Anders Hansen, NORDEN Invitational was rounded off by a dinner party. In his keynote address at the party, CEO Carsten Mortensen confirmed NORDEN’s strong commitment to Japan:

“Hard work, skills and foresight are required more than ever to get over the current unrest – but so is close co-operation with true partners. NORDEN’s involvement in Japan is deep: 61 long-term charter deals with Japanese owners and yards; own newbuilding contracts; formalised partnerships; co-operation with insurers, banks and brokers; not to mention that we have some of our best cargo and charter customers here,” Mr Mortensen said.

“We recognise that business with you is a two-way street, and NORDEN will continue to expand its involvement here and discuss new business,” Mr Mortensen said and emphasised that he shares the strong corporate values that he meets in Japan: an outspoken decency in the business environment; a strong desire to avoid unnecessary risks; a careful selection of clients and partners although it may mean forgoing quick profits; and strong loyalty to partners.

NORDEN