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| Norient Handy Bulker Pool |
| The Norient Handy Bulker Pool will commence operations in the spring of 2009 with approximately 30 Handysize vessels. In the course of 2011, capacity will grow to 60-70 vessels as both NORDEN and INTERORIENT have significant order books for delivery in 2008-2011. Accordingly, the Pool stands to realise critical mass in the Handysize segment within a few years. All vessels on order are in the modern 28,000-37,000 dwt size range. NORDEN entered the Handysize segment in the third quarter of 2006, while INTERORIENT made its entry in 2007 by contracting a series of 16 newbuildings with the first scheduled deliveries in 2009. NORDEN’s Handysize activities have proven successful and have been well received by customers as a large proportion of the active world fleet is ripe for scrapping. The Handy Bulker Pool’s tonnage will be marketed through NORDEN’s offices and the Company’s Handysize section headed by Christian Ingerslev. |
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