Danish shipping company Norden has announced it will acquire the Thorco Projects business, a compatriot Danish shipping operation. Norden emphasises the strong alignment in the business approaches as it seeks to expand its breakbulk operations. Norden highlights that Thorco Projects is operating a chartered fleet of predominantly 30 to 40 Handysize vessels and tween deckers, where Norden is a significant operator.
‘There are numerous commercial synergies between the two businesses, including an overlap in Thorco Projects’ fronthaul routes and Norden’s backhaul routes, creating the opportunity for trading route optimization,’ Norden highlighted in the announcement of the acquisition.
With the acquisition of the Thorco Projects business, Norden highlights that it further grows its customer offering, as Thorco Projects operates within specialist general cargo segments such as breakbulk, steel, and wind energy-related cargoes, where multiple cargo parcels from different customers typically are combined into single shipments on Multipurpose and Handysize ships.
‘With the tonnage and business tools we have available in Norden, we see significant potential to further grow the Thorco Projects business under the Norden brand,’ says Jan Rindbo, CEO of Norden. With the acquisitions, Norden reported it would offer a full-service approach where it was able to support customers across all dry segments with cargo loads between 5,000-200,000 tonnes.
Source: Anamika Talwaria, AntwerpXL 2023
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