Net income of Danish shipping company Norden for the period of 2010 rose by 12.7% year-over-year to $244.8 million, Maritime Danmark reported.
Norden’s EBITDA was $240 million. In 2011, the company expects the figure to be reduced to $135-175 million
The gain on vessels sales amounted to $ 28 million, significantly lower than in recent years. This was due, among other things, to the strategic decision to purchase more tankers to expand the company’s major fleet, as well as to increased prices for vessels. The company injected $663 in upgrade of its fleet, while proceeds from the sale of vessels totaled $296 million.
Norden A / S is an independent Danish shipping company, which operates a fleet of 155 bulk carriers and tankers.