NORDEN boosts Middle East activities with new 3-year contract
NORDEN says it has signed a 3-year Contract of Affreightment (COA) with Qatari chemical firm Qatar Vinyl Company commencing in the second quarter of 2019.
Qatar Vinyl Company, a subsidiary of Qatar Petrochemical Company, produces various polymers and chemicals. The agreement is for the shipment of salt from West Coast India to Qatar, where the salt will be used for chemical production.
Developing new trading patterns
The contract marks a strengthening of the collaboration between the 2 parties and entails shipment of approximately 500,000 tons annually of salt during the contract period. The transports will be carried out about once a month on Supramax vessels and enables NORDEN to further optimise the logistical planning while expanding NORDEN’s activities in the Middle East.
“We are proud to secure this long-term agreement with Qatar Vinyl Company,” says NORDEN CEO Jan Rindbo. “The contract increases our flow of tonnage into the Arabian Gulf, which allows us to further grow our activities in the region, in line with our continued growth plans.”
A growing market
For NORDEN, long-running cargo contracts are a vital platform for further growth within Dry Cargo and in line with the company growth strategy, complementing both current and new trading patterns.
Adam Nielsen, Head of Industrial Bulk responsible for the COA business within Dry Cargo in NORDEN, adds, “With the agreement, we are growing our presence in the Middle Eastern region, enabling us to position vessels across the load and discharge port regions, where they can be deployed to fulfil other contracts. This will increase the efficiency and contribute to smarter global trade in line with the overall purpose of NORDEN.”