Norden places order for 4 ECO product tankers at S. Korean shipyard
NORDEN has ordered 4 MR product tankers from the Korean yard STX Offshore & Shipbuilding Co., Ltd. The vessels which have a cargo capacity of 49,600 dwt. are scheduled for delivery in the first and second quarters of 2013. The contract includes options for 2 additional tankers from the yard, the shipping company's press release said.
The vessels will be equipped with an electronic main engine and other equipment and systems which all together are expected to improve the fuel efficiency of the vessels by more than 15% and reduce the CO2 emissions correspondingly. The improvements imply that the vessels, when sailing at normal speed, will consume 4 tonnes of fuel less per day. Compared to NORDEN’s most recent newbuildings from 2007, there is a 25% reduction of fuel consumption and CO2 emissions.
The contracting is part of NORDEN’s strategy to expand the fleet of owned product tankers by purchasing or contracting quality vessels at favourable prices. The investments are expected to yield attractive returns as freight rates and asset prices normalise, and a larger owned fleet also results in economies of scale and makes it easier for NORDEN to meet the oil companies’ tightened requirements on quality and safety on board the vessels.
Dampskibsselskabet NORDEN A/S is an independent shipping company incorporated in Denmark and listed on NASDAQ OMX Copenhagen A/S. The market capitalisation at 16 November 2010 was DKK 8.5 billion. See current market capitalisation here. NORDEN was founded in 1871, making it one of Denmark’s oldest internationally operating shipping companies. NORDEN operates in dry cargo and tankers worldwide.
The vessels will be equipped with an electronic main engine and other equipment and systems which all together are expected to improve the fuel efficiency of the vessels by more than 15% and reduce the CO2 emissions correspondingly. The improvements imply that the vessels, when sailing at normal speed, will consume 4 tonnes of fuel less per day. Compared to NORDEN’s most recent newbuildings from 2007, there is a 25% reduction of fuel consumption and CO2 emissions.
The contracting is part of NORDEN’s strategy to expand the fleet of owned product tankers by purchasing or contracting quality vessels at favourable prices. The investments are expected to yield attractive returns as freight rates and asset prices normalise, and a larger owned fleet also results in economies of scale and makes it easier for NORDEN to meet the oil companies’ tightened requirements on quality and safety on board the vessels.
Dampskibsselskabet NORDEN A/S is an independent shipping company incorporated in Denmark and listed on NASDAQ OMX Copenhagen A/S. The market capitalisation at 16 November 2010 was DKK 8.5 billion. See current market capitalisation here. NORDEN was founded in 1871, making it one of Denmark’s oldest internationally operating shipping companies. NORDEN operates in dry cargo and tankers worldwide.
