NORDEN enriches project cargo fleet with two fuel-efficient MPPs

January 14, 2025, by Naida Hakirevic Prevljak

Danish shipping company Norden has decided to expand its fleet with two new fuel-efficient 17,500 dwt multipurpose (MPP) vessels.

As informed, the ship duo with purchase options is expected to be delivered by the end of 2026.

Furthermore, the company has the option of declaring an additional two vessel leases with delivery in 2027.

According to Norden, since entering the project cargo segment in 2023, the company’s focus has been on growth within this part of the business. The multipurpose segment benefits from favourable supply fundamentals with a rapidly ageing fleet and low orderbook, coupled with a strong projected demand outlook.

Norden expands into wind energy and general cargo market with Thorco Projects acquisition

Business & Finance

With these two new leases, Norden now operates a fleet of 45 specialized vessels dedicated to transporting windmill components, large-scale batteries, industrial plant components and break-bulk cargoes such as steel and forestry products.

Specifically, the new vessels feature an ‘innovative’ design with the bridge located at the front of the ship, optimizing cargo space capacity for project cargo such as windmill blades.

The newbuilds are said to be highly fuel-efficient, boasting lower emissions compared to older vessels. They are also biofuel compatible.

“To further enhance our service to customers, NORDEN is building a core fleet of Multi-purpose general cargo vessels. We are dedicated to becoming a leading project carrier and provide our customers with efficient shipping solutions and the addition of these vessels underscores our commitment to innovation and decarbonisation in the maritime industry,” Thomas N. Mikkelsen, Head of Projects & Parcelling at NORDEN, commented.

The project cargo segment is a part of NORDEN’s ocean-based global freight service for dry and liquid bulk cargo of all sizes, spanning almost 500 vessels in total.

Last month, the company agreed to sell two Capesize vessels, Nord Power and Nord Energy. To optimise its vessel portfolio, Norden also entered into two new dry cargo leases with purchase options – one Capesize newbuilding and one Handysize unit – both will be built in Japan with expected deliveries in 2028. What is more, the Danish company also exercised five purchase options related to one Handysize dry cargo vessel and four MR tankers. They will be added to the company’s portfolio of owned vessels during H1 2025.

In related news, Norden closed the acquisition of Nordic dry bulk operator Norlat Shipping in September 2024. Norlat Shipping specialises in the shipment of forest products and other bulk commodities, with main trading routes from Northern Europe to North Africa and North America.