Wednesday, January 26, 2011

Danish Bulk Shipping Group Sell Off Ships And Buy Back Shares

Norden to Dispose of Six New Handysize and Diana Figures Scheduled
Shipping News Feature

DENMARK – CHINA – GREECE – Norden, the specialist bulk carriers announced on Monday they are to sell up to six new build Handysize dry cargo bulkers to Greek interests subject to the usual approvals from the buyers Board of Directors until the end of March. Both parties have agreed not to publicise the sale price and the agreement comprises 6 newly built sister vessels of 32,700 dwt from a Chinese shipyard. Five of the vessels will be delivered from the yard during 2011 and the other in 2012.

Yesterday Norden also confirmed they have initiated the share buyback programme they announced in December when they published their annual review. The total value of the share buyback programme is up to DKK 170 million ($30 million) and it is expected to run until the end of March. As previously announced, the buyback is part of Norden’s plan to pay out DKK 505 million in total to the shareholders. The Board of Directors will recommend at the annual general meeting in April that the remaining DKK 335 million be paid as ordinary dividend for the financial year 2010.

Meanwhile Greek bulk carriers Diana Shipping Incorporated yesterday announced that its financial results for the fourth quarter and year ended December 31, 2010 are scheduled to be released before the opening of the U.S. financial markets on Tuesday, February 22, 2011. In December the company decided to redistribute 80% of the shares in its partially owned container carrier and the latest results will be keenly watched by analysts.

Photo: Nordkap in ice courtesy of Norden