NORDEN Closes Its Acquisition of Norlat Shipping

Oct. 4, 2024 - NORDEN on Sept. 3 closed the acquisition of Nordic dry bulk operator Norlat Shipping.

Financial terms of the deal were not disclosed.

NORDEN first announced the agreement to acquire Norlat in July 2024.

“We are delighted to have received the green light for the acquisition last week and with the closing of the acquisition [on Sept. 3] we look forward to welcoming the Norlat Shipping team and customers,” says NORDEN CEO Jan Rindbo. “Norlat is a skilled niche operator and a great addition to our growing projects and parcelling activities, allowing 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.”

Norlat Shipping specialises in the shipment of forest products and other bulk commodities, with main trading routes from Northern Europe to North Africa and North America. Norlat’s offices in Norway and Stockholm, Sweden join the growing NORDEN global office network servicing customers across the world.

Paal Henrik Boehaugen, Managing Director, Norlat, stated, “The Norlat team is very excited to join NORDEN. NORDEN’s success and growth has 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.”

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.

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.

Founded in 1871, NORDEN is one of Denmark’s oldest internationally operating shipping companies. The company is a global provider of ocean-based freight services for bulk and project cargo of all sizes.

SOURCE: NORDEN