Large Norden deal cancelled

NORDEN announced that the Company had entered into a conditional agreement for the sale of up to 6 Handysize vessels, subject to the buyer’s final approval before 30 March 2011.

The buyer has not been able to submit this final approval, and consequently, the sale will not take place. NORDEN will then operate the 6 vessels itself as they are being delivered from the yard in 2011-2012.

The cancelled agreement will not influence NORDEN’s expectations for 2011.
Source: Norden