Asset prices for dry-cargo vessels have increased by around 80% since the start of the year, according to Danish owner-operator Norden. Its asset management division, which looks after its owned and leased vessels, saw the value of its portfolio rise by more than $350m by 30 June. Norden owns and operates bulkers —spanning panamaxes, supramaxes and handysizes — as well as product tankers.

Henrik Lykkegaard Madsen, head of Norden’s asset management unit, said: “The dry-cargo market has been soaring this year due to a combination of a restart of demand after Covid-19 and major inefficiencies in ports around the world; coupled with one of the lowest orderbooks on record. We saw an opportunity to capitalize on these market developments.” Since the year began, Norden has sold seven vessels, comprising three ultramaxes; a supramax, a panamax bulk carrier and two MR product tankers.

Norden thinks asset prices will continue to rise for bulkers, Madsen said. “We are still positive on the dry-cargo market outlook, and we have significant upside to further asset price gains through 16 owned dry-cargo vessels and 50 purchase options in our leased dry-cargo fleet,” he added.

Norden has shifted its exposure away from tankers to bulkers over the past 18 months, during which time it has sold six tankers and purchased 13 dry-cargo ships. The company said it is “now converting the added market value to profit” by selling vessels. Some of this appreciation can be seen in the last few sales transactions Norden has completed for comparable vessels.

Last month, brokers reported that Norden sold its 61,649-dwt ultramax Nord Summit (built 2012) for $25.5m to unnamed buyers said to be based in Hong Kong. This is $3m more than Norden achieved in August, when the 61,649-dwt Nord Peak (built 2011) was sold to Hong Kong interests for $22.5m. Both vessels were built in Japan at Oshima and are fitted with scrubbers and ballast-water treatment systems (BWTS).

UK-based DAO Shipping has been revealed as the buyer of the 61,600-dwt ultramax Nord Hudson (built 2014). Norden sold the China-built bulker, which has a BWTS fitted, for $24.4m in mid-July.