On the way to 500 ships: Dry bulk giant gears up with new builds for growing niche

Shipping company D/S Norden is expanding its fleet of cargo vessels for project cargoes with two new ships.
This was reported by the company headquartered in Hellerup in a press release.
The fleet expansion includes two new 17,500 dwt Multi-purpose (MPP) ships on charter contracts with purchase options for delivery by the end of 2026, and Norden has secured options for an additional two project cargo ships on charter contracts for delivery in 2027.
According to Norden, the new Multi-purpose ships feature an innovative design with the bridge located at the front of the ship, optimizing cargo hold capacity for project cargo such as wind turbine blades.
- In line with our commitment to decarbonization, these new vessels are highly fuel-efficient and have lower emissions compared to older vessels. They are also compatible with biofuel, enabling us to offer lower emission freight solutions to our customers, says Thomas N. Mikkelsen, Head of Projects & Parcelling at Norden.
On the way to ship number 500
Norden currently operates a fleet of nearly 500 ships and is among the world's largest in global dry bulk shipping, and also operates a fleet of over 100 product tankers.
With the latest fleet expansion, Norden will operate 45 specialized vessels for transporting wind turbine components, large-scale batteries, industrial plant components, and break bulk such as steel and forestry products.
- The multi-purpose segment benefits from favorable supply conditions with a rapidly aging fleet and low order book, combined with a strong expected demand outlook, says Thomas N. Mikkelsen.
It was just two years ago that Norden entered the project cargo segment through the acquisition of the Stadil family's shipping company, Thorco Projects, which operated 30-40 ships for shipping break bulk, steel, and wind turbine cargoes, where cargoes from multiple customers are typically combined on the same ship.
The deal at that time did not include the fleet of 30-40 primarily Handymax ships operated by Thorco Projects. Instead, Norden itself has built up its project cargo fleet, which currently consists of 43 operated ships.
In 2024, Norden made its latest acquisition in the new Projects & Parcelling business in the Norwegian shipping company Norlat Shipping, specializing in shipping forest products and other bulk goods on trade routes from ports in the Baltic Sea to North Africa and North America.
