NORDEN has signed a Contract of Affreightment (COA) of up to 10 years with LKAB and ordered two ice-class multipurpose vessels, expanding its position in specialised specialised segments.
NORDEN is expanding into the ice-class segment through a long-term COA with Swedish mining company LKAB and the order of two new vessels, supporting its strategy to build a more resilient and customer-focused business.
The COA has a duration of up to 10 years and covers the transport of bentonite from Greece to northern Sweden. To support the contract, NORDEN has ordered two 23,000 dwt ice-class multipurpose vessels from Wuchang Shipbuilding Industry Group in China, with delivery expected in 2028.
The transaction strengthens NORDEN’s position in long-term, customer-linked business and expands its ability to serve customers with transport needs in ice-prone regions.
“This transaction supports our strategy of growing long-term business with more stable earnings characteristics. At the same time, the addition of two ice-class vessels expands the solutions we can offer customers with transport needs in northern and ice-prone waters,” says CEO Jan Rindbo.
Expanding customer offerings
The new vessels will complement NORDEN’s existing fleet and increase its ability to serve customers requiring reliable transport to ports and regions affected by ice conditions.
Each vessel will have a capacity of 23,000 deadweight tonnes and will be equipped with two 80-tonne cranes. Built to Finnish-Swedish Ice Class 1A standards, the vessels are designed for flexible and fuel-efficient operations across a wide range of cargo types. The vessels will also be able to operate on biofuel, supporting lower-emission transport solutions for customers and building on NORDEN’s proven track record in biofuel operations.
In addition to supporting long-term contract execution, the vessels position NORDEN to serve a broader range of industrial customers with ice-class transports needs in northern waters, supported by modern and fuel-efficient tonnage.
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