Danish shipping company Norden has entered into an agreement to acquire Norwegian dry bulk operator Norlat Shipping, which specialises in the shipment of forest products and other bulk commodities, with main trading routes from Northern Europe to North Africa and North America. Norden Chief Executive Officer Jan Rindbo said the acquisition will allow Norden to reinforce its growing position within projects and parcelling, enabling the company to offer customers with fully flexible solutions as a global provider of ocean-based freight services for bulk and project cargo of all sizes.
Privately owned Norlat was founded in 1986 and has since developed a core business focusing on the shipment of sawn timber from Baltic and Continental ports to North Africa and North America. The company has offices in Sarpsborg and Bergen in Norway and in the Swedish capital of Stockholm, from where the company’s eight employees operate the asset light business, based on chartered vessels with four to five monthly shipments on predominately Handysize ships.
The acquisition will be Norden’s second, following the mid-2023 acquisition of the activities of Thorco Projects, which is today fully integrated into Norden's Freight Services and Trading business unit, operating as "Projects and Parcelling". Norlat Shipping will become part of the Projects and Parcelling team of Norden.
The acquisition sum is undisclosed and will not affect Norden’s guidance for full-year 2024. The acquisition is subject to merger clearance.