NORDEN to acquire Norlat Shipping

July 24, 2024

The Danish dry bulk & project cargo shipping company eyes the takeover of the Norwegian dry bulk operator Norlat Shipping, specialising in carrying forest products & other bulk commodities on trades from Northern Europe to North Africa & North America.

The 1986-founded Norlat 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 is subject to merger clearance.

"With a customer-centric business and trading routes complementary to NORDEN's, Norlat is a great fit with NORDEN. Norlat allows NORDEN to further cement our growing position within projects and parcelling, enabling us to offer our customers fully flexible solutions, as a global provider of ocean-based freight services for bulk and project cargo of all sizes," said Jan Rindbo, NORDEN's CEO.

He furthered, "Norlat is an extremely skilled parcelling business, increasing NORDEN's access to the Northern European forestry trade, new customers and cargo. Matched with NORDEN's size and access, there are significant opportunities for further growth and commercial synergies."

"The Norlat team is very excited to join NORDEN, an industry leader that has shown impressive results and strong growth over the years. Honesty, integrity and reliability have been the core of Norlat's operations, and we feel that NORDEN, thinking in the same way, is an excellent fit for us. NORDEN's success and growth have been an inspiration to Norlat, and we are confident that there are a lot of synergies that can be exploited. Our operations have many similarities, but almost no overlaps. Joining NORDEN will help us bring out the untapped potential that our team possesses, we are looking forward to starting this new adventure," added Paal Henrik Boehaugen, Managing Director at Norlat.

The acquisition will be NORDEN's second, following the mid-2023 acquirement of Thorco Projects' activities, integrated into NORDEN's Freight Services & Trading business unit, operating as Projects & Parcelling, with Norlat Shipping also becoming part of that team.

Photo: Norlat Shipping

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