Norden has taken its first step towards the launching of a new pool of Post-Panamax bulk carriers together with INC.
Norden has taken its first step towards the launching of a new pool of Post-Panamax bulk carriers together with INC - Interorient Navigation Company Ltd. of Cyprus. At a ceremony at the Shanghai Shipyard, Nordens's first Post Panamax vessel was named Nord Delphinus.
"I am confident that this vessel will prove to be a great addition to Norden's fleet, and at the same time, stand out as a symbol of good relationship between Norden and Singapore", said Carsten Mortensen, CEO and President of Norden.
Nord Delphinus is the first in a series of four Post-Panamax bulk carriers built for Norden by Shanghai Shipyard and China State Shipbuilding Corp. They will be joined by four other vessels from other yards. The eight vessels will be pooled with additional eight vessels from INC.
The pool will manage a joint fleet of at least 16 Post-Panamax vessels, including 12 newbuildings owned by the two partners in the pool. The pool will be launched on 1 January 2010.
The new vessel type is expected to fill the gap between Panamax and Capesize due to its loading capacity and draft efficiency. Post-Panamax loads 85-120,000 dwt, which is more than traditional Panamax vessels and will be able to pass through the Panama Canal following its planned expansion in 2014.
"In many cases Post-Panamax will be a commercially attractive alternative for carrying coal and iron ore, e.g. from the east coast of the USA to the Continent, as well as from Australia and Indonesia to ports in India and Southeast Asia. We expect the Post-Panamax Pool within a few years to become among the leading suppliers globally in this strategically important vessel type," says Michael Boetius, Senior Chartering Manager of Norden's Post- Panamax section.
The collaboration with INC offers Norden a faster route to critical mass in the Post-Panamax segment. By pooling with INC, both partners achieve enhanced market coverage, and the ability to offer better and more flexible services and to generate important economies of scale.
The Post-Panamax pool collaboration is an extension of Norden's partnership with INC in the tanker market, where the jointly owned Norient Product Pool has grown to operate 61 vessels with 14 on order. The marketing and commercial management of the Post-Panamax pool will be handled by Norden.