Danish shipowner Norden got the green light for the acquisition of Nordic dry bulk operator Norlat Shipping after regulatory approval.
The acquisition sum is undisclosed with the shipowner mentioning that it will not affect Norden’s guidance for full-year 2024.
Norden’s chief executive officer Jan Rindbo said: “We are delighted to have the green light for the acquisition and look forward to welcoming the Norlat Shipping team and customers.”
Norlat Shipping specialises in the shipment of forest products and other bulk commodities, with main trading routes from Northern Europe to North Africa and North America.
Privately owned Norlat, founded in 1986, has offices in Sarpsborg and Bergen in Norway and in the Swedish capital of Stockholm, from where the company’s eight employees operate the asset light business, based on chartered vessels with four to five monthly shipments on predominately handysize ships.
Now Norlat’s offices in Norway and Stockholm, Sweden will join the growing Norden global office network, servicing customers across the world.
“Norlat is a skilled niche operator and a great addition to our growing projects and parcelling activities, allowing us to offer our customers fully flexible solutions, as a global provider of ocean-based freight services for bulk and project cargo of all sizes,” Rindbo noted.
The acquisition will be Norden’s second, following the mid-2023 acquisition of the activities of Thorco Projects, which is today fully integrated into Norden’s freight services & trading business unit, operating as ‘Projects & Parcelling’.
