Investor

NORDEN purchases 2 product tankers

19 Apr 2010

NORDEN has agreed to purchase the 2 modern Handysize product tankers F.D. NORD FAST (built in 2008) and F.D. NORD FARER (built in 2005). Ownership of the vessels is expected to be taken over in June-July 2010.

The purchase price of the 2 vessels is approximately USD 52 million. In addition hereto, NORDEN pays approximately USD 3 million to the current Italian owner as compensation for NORDEN’s cancellation of the charter parties on the 2 vessels which have been on long-term charter by NORDEN since their delivery from the yard.

The purchase does not change NORDEN’s expectations for 2010, but the investment in the 2 vessels is expected to yield an attractive return as the tanker rates henceforth are gradually normalising.

pdf Announcement No 12 in full