Profile

CEO's Column - NORDEN News Magazine Summer 2013

A year of investment

NORDEN has announced that 2013 will not be a year of profit making but a year of investment. And we have put words into action. Since we shifted investment focus last autumn from Tankers to Dry Cargo, we have been busy taking advantage of the attractive vessel prices and grown our order book by 13 dry cargo vessels and 4 tankers.

All the vessels are ECO vessels, which with an improved fuel economy will provide NORDEN with a significant competitive advantage when they are launched at sea in a few years. On pages 4-7, you can read more about the thoughts behind this major investment and how NORDEN utilises the fluctuations of a cyclical business.

The tanker market is also experiencing fluctuations and – as can be read on page 12 – great changes in trade patterns due to changes within the refinery sector. These are changes which we have predicted and are well-positioned to benefit from.

Transportation of energy – be it oil, coal or wood chips – takes up many pages in this issue of NORDEN News. On pages 10-11 and 14-15, you can read about new contracts with the mining company Store Norske and the energy company Verdo. The contract with Store Norske is an extension of a current contract, and it is a great acknowledgement that Store Norske has assessed NORDEN’s efforts both in relation to the shipments, price and CSR as being so satisfying that they wish to add an additional 5 years to the cooperation.

Because NORDEN aims at establishing long-term cooperation with major players, and Store Norske is a great example of this. But there are many others, which could be seen at NORDEN’s charterers’ party held at the end of May (see page 14). Here was the chance to meet many of the people who provide employment to our vessels all over the world.

An event like the above is not only enjoyable but also an investment into cooperation. When the market is down, we at NORDEN do everything we can to influence all aspects in our power. And this applies regardless whether we are talking investments in vessels, contracts or people.

Enjoy reading the redesigned magazine and have a great summer.

CARSTEN MORTENSEN, President and CEO

Back to NORDEN News Magazine