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Press Release

NORDEN contracts 4 ECO product tankers

The Company takes over newbuilding contracts at Korean STX and optimises the vessels

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. NORDEN has options on 2 additional vessels from the yard.

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.


2011-06-01

Please see NORDEN A/S company electronic office

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