Danish shipping company NORDEN has agreed to acquire Thorco Projects in a bid to access new markets in the general cargo segment, such as steel, wind energy, and general cargo. Thorco Projects is a chartered fleet company operating 30-40 handysize vessels. NORDEN, an asset-light company, aims to leverage Thorco’s fleet to complement its existing business model and improve margins in its Freight Services & Trading division. While the companies have not disclosed financial details, the acquisition is expected to close in Q3 2023, pending regulatory approval.
NORDEN CEO Jan Rindbo welcomed the Thorco Projects team and said the acquisition would give customers an enhanced global service for all non-containerised cargo types. With NORDEN’s tonnage and business tools, the company sees great potential for further growth under its brand. While the acquisition is still in progress, it highlights NORDEN’s commitment to expanding its reach in a competitive market.
The acquisition comes at a time when many shipping companies are seeking to diversify their business models to optimise revenue amid market instability. With significant fluctuations in demand due to COVID-19 and the Suez Canal blockage, companies are looking for reliable markets to ensure they stay profitable. NORDEN’s acquisition of Thorco Projects represents a strategic investment to make the company more resilient in challenging times.
While the global shipping industry is facing challenges, the prospects for companies able to adapt creatively to market changes remain strong. As a leading Nordic shipping company, NORDEN has enjoyed growth and success by being nimble and adaptable, confident in its ability to leverage opportunities that arise. The acquisition of Thorco Projects is another example of NORDEN’s commitment to evolving its business model to meet the needs of a changing market.
In sum, NORDEN’s acquisition of Thorco Projects is a strategic move to enhance its general cargo capabilities, expand its tonnage, and improve margins in its Freight Services & Trading division. As the global shipping industry faces challenges, NORDEN’s nimbleness and adaptability position it well to capitalise on changing market conditions and identify new opportunities for growth.
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