NORDEN Expands Modern Capesize Fleet with Two Newbuilding Leases Amid Positive Freight Rate Outlook

NORDEN Expands Modern Capesize Fleet with Two Newbuilding Leases Amid Positive Freight Rate Outlook

(IN BRIEF) NORDEN has announced the addition of two Capesize newbuilding leases with purchase options, underscoring its confidence in a positive long-term outlook for Capesize freight rates. These vessels, to be constructed in Japan and delivered in 2026 and 2027, will bolster a core fleet that now consists of 13 owned and leased Capesize ships, including seven newbuildings averaging only 2 years in age. Alongside this, NORDEN operates 10 chartered Capesize vessels that serve major mining clients. As part of a global network comprising approximately 450 Capesize vessels, this expansion ensures that NORDEN remains competitive in delivering sustainable, efficient, and cost-effective ocean freight services for dry and liquid bulk cargo.

(PRESS RELEASE) HELLERUP, 26-Mar-2025 — /EuropaWire/ — In keeping with our robust long-term perspective on Capesize freight rates, we are excited to unveil the addition of two new Capesize newbuilding leases, each offering a purchase option. This strategic move underscores our commitment to developing a modern, highly efficient Capesize fleet designed to deliver reliable service while navigating an environment of an aging fleet and a historically low orderbook. The new vessels, scheduled for construction in Japan, are anticipated to be delivered in 2026 and 2027, respectively.

This expansion elevates our core Capesize fleet to a total of 13 owned and leased ships, which now includes seven newbuildings boasting an average vessel age of just 2 years. Alongside these, NORDEN currently manages a short-term charter fleet of 10 Capesize vessels actively deployed to meet the demands of key customers in the mining sector.

Capesize vessels form a critical pillar of NORDEN’s global ocean freight services, facilitating the transportation of dry and liquid bulk cargo of various sizes. With approximately 450 vessels operating within the Capesize segment worldwide, this fleet enhancement ensures that we remain competitive, sustainable, and cost-effective in an ever-evolving market.

About Capesize vessels
Capesize bulk carriers are usually between 150,000-210,000 tonnes in deadweight with a length of 289 meters. The vessels are 45 meters wide with a draft of about 18 meters when fully loaded. The name Capesize originates from a time when the vessels were too large to transit the Suez Canal and Panama Canal and instead had to traverse between oceans via either Cape of Good Hope or Cape Horn.

For more information, please contact:
Therese Möllevinge
Head of Investor Relations
thm@norden.com
+45 4137 1638

Anne-Louise Dam-Rasmussen
Head of Communications
ald@norden.com
+45 2156 1564

SOURCE: NORDEN