Norden Sells Second-Hand Capesize

first_imgzoom Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) has decided to sell the Capesize dry cargo vessel Nord Power built in 2005.Norden said that the sale would entail an accounting loss of USD 12 million, which will be included in the annual results for 2015. The 176,000 tdw vessel will be delivered to the new owners at the beginning of 2016. The identity of the new owners remained undisclosed.In the long term, Norden expects to reinvest the proceeds from the sale into additional Supramax or Panamax vessels.“The sale is thus in line with the strategy Focus & Simplicity which involves focusing on the vessel types Supramax and Panamax, where Norden is one of the world’s largest operators,” the company said.At the beginning of November, Norden announced that it was switching its focus on ownership and operation of four vessel types supplemented by operation of Handysize dry cargo vessels, under its newly adopted strategy ”Focus and Simplicity”.Under the strategy, within dry cargo, Norden will specialize in ownership and operation of Supramax and Panamax vessels, and within tankers, the vessel types Handysize and MR will continue to be in focus.“Norden’s operating results are developing as expected and the expectations for the EBIT result before profits from vessel sales for 2015 are maintained. The expectations for the EBIT result including profits from vessel sales are solely adjusted as a result of the vessel sale to USD 58 – 78 million compared to the previous USD 70 – 90 million,” the company added in a release.last_img read more

Security Council eyes end to UN mission in Prevlaka extends mandate two

The Council’s unanimous decision follows the recommendation of UN Secretary-General Kofi Annan, who recently reported that the Yugoslav and Croatian authorities have been making progress in resolving their long-standing dispute over the region.Today’s resolution welcomed the continuing progress in the normalization of relations between the Governments of Croatia and the Federal Republic of Yugoslavia and the establishment of an interstate Border Commission. It also urged the parties to accelerate efforts towards a negotiated settlement on the disputed issue of Prevlaka in accordance with article 4 of the Agreement on Normalization of Relations.In the face of such progress, the resolution requested the Secretary-General to prepare for the termination of the Mission’s mandate by gradually reducing the number of personnel and “concentrating its activities in a way that reflects the stable and peaceful conditions in the area and the normalization of relations between the parties.”The Council also reiterated its calls upon the parties to comply with the demilitarized regime in the UN-designated zones, to cooperate fully with the UN military observers and to ensure their safety and full and unrestricted freedom of movement.UNMOP was established in February 1996, but UN military observers had been deployed in Prevlaka since October 1992, initially as part of the UN Protection Force (UNPROFOR) and later with the UN Confidence Restoration Operation (UNCRO). read more