The Importance of Relationships

D/S Norden announced this week, that it had mutually agreed with the counterparty to cancel, without cost, the long-term chartering of four Post-Panamax newbuildings, which were scheduled for delivery in 2010 (Q2 and Q3) and 2011 (Q1 and Q3).

The vessels were originally chartered in June 2008 at an average charter rate of $35,750 per day for three years. As a consequence of this agreement, the average cost of the dry cargo fleet is reduced by $1,000 per day over the 3-year period, which equates to a savings on a present value basis of approximately $60-70 million at today’s

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