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

Film Nova Scotia Welcomes Judy Steele to Board

first_imgJudy Steele, community leader and Emera Energy’s vice-president of finance, has been appointed to the board of directors of Film Nova Scotia. Ms. Steele is a chartered accountant and has worked with several non-profit organizations, including the Pier 21 Society, the Canadian Breast Cancer Foundation and the Halifax Metro United Way. “Film Nova Scotia and the local film industry will benefit from the experience and knowledge that Ms. Steele will bring to the board of directors,” said Bonnie Kirby, the chair of Film Nova Scotia’s board of directors. “We are pleased to welcome her aboard.” Ms. Steele joins the board for a three-year term. The board includes representatives from across the province with diverse backgrounds. “Film Nova Scotia is pleased that a respected individual like Ms. Steele has expressed her commitment to Nova’s Scotia’s film industry by agreeing to join the board,” said Ann MacKenzie, president and chief executive officer of Film Nova Scotia. “We have an exciting and vibrant industry and we are confident that Ms. Steele will enjoy her term with the board.” Film Nova Scotia is a provincial Crown agency reporting to the minister of Economic and Rural Development. The corporation provides a wide range of programs and services to build the capacity and competitiveness of the province’s film, television and new media industries. The provincial film industry is the fourth largest in Canada, regularly exceeding $100 million in economic activity annually.last_img read more