Danish shipping company Norden said it has sold the 2011-built product tanker Nord Andes to an unnamed Asian buyer just 10 months after the vessel was acquired.

The sale comes after the vessel was purchased by Norden in December 2019, and underlines Norden’s strategy to be an asset-trading company, Norden said.

“We are driven by the opportunities we see in the market to continuously optimize our fleet,” said Jan Rindbo, CEO, Norden. “Having generated excellent revenues on the vessel during a strong market, we have now sold Nord Andes at roughly the same level as the purchase price, which is an agile asset trade within just 10 months.”

The tanker market experienced a significant spike in earnings in the first half of 2020 due to increased demand for floating storage, generating strong returns for Norden.

“We bought the vessel late last year with the expectation of a stronger tanker market throughout 2020,” said Henrik Lykkegaard Madsen, Head of Asset Management, Norden. “The upturn was in-fact much steeper and shorter than expected. We have been able to capture the upside in the market and make very good returns on this vessel during the short period we owned it.”

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