Norden swoops on Eastern Pacific newastlemax pair

Danish shipping giant Norden has expanded its dry bulk fleet by acquiring two newcastlemax vessels from Idan Ofer’s stable.

According to multiple brokers, the Jan Rindbo-led company has spent approximately $146 million to purchase the 2021-built, scrubber-fitted Trust Qingdao and Trust Shanghai from Eastern Pacific Shipping.

This acquisition marks the company’s second investment in this segment this year, following the purchase of another pair of 2021-built vessels from Sinokor in March.

The demand for newcastlemax vessels has been strong this year, with 22 sales reported so far, nearly double the number from the same period in 2023.

Since entering the cape segment last March, Norden has been actively acquiring large bulkers. The company has purchased five ships, one of which was recently sold at a profit, and has also ordered four 180,000 dwt newbuilds from Namura in Japan.