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Norvic Shipping expands bulk capacity with new long-term charter

News 12 January 2023 Global

Dry bulk operator Norvic Shipping has acquired a dry bulk vessel on a long-term period-charter to meet growing global demand for the company’s services. The deal was signed in Norvic’s New York head office with reputed Japanese shipowner Fujimaru Kaiun represented by the company’s president Mr. Jiro Nishikawa. Norvic was represented by AJ Rahman, Group CEO, and Michael Fenger, COO & Global Head of Chartering.

The new 64,000dwt Ultramax, to be named Norvic Copenhagen, will transport dry cargo for customers around the world following its delivery from Imabari Shipyard, Japan in Q2 2023.

“Norvic has decided to take newbuilding’s into our fleet of 125 vessels in response to our growing business and to meet our commitment to new environmental regulations such as the IMO’s Carbon Intensity Indicator (CII),” said AJ Rahman.

Chartering more newbuilds from Japan on five- to eight-year terms is part of Norvic’s plan. The company also aims to expand its fleet and diversify its service offering in the coming years with the expected delivery of two additional Japanese handymax vessels on long-term charters by the end of 2023.

“Having rapidly established Norvic Shipping as a leading international dry bulk operator, we’re now focused on deepening our existing capabilities by building our own fleet, providing new services and further extending the company’s global reach,” AJ Rahman added.  

Norvic Shipping recently secured a $42.5 million working capital credit facility to finance its growing physical presence in key markets.

“AJ Rahman, CEO and founder Norvic Shipping and Mr. Jiro Nishikawa, company president, Fujimaru Kaiun signing the time charter agreement of the 64,000dwt Ultramax that will be named Norvic Copenhagen”