NORDEN acquires Thorco Projects to gain access to new customer segments

NORDEN has entered into an agreement to acquire the Thorco Projects business, providing access to new customers within the general cargo segment such as break bulk, steel, and wind energy.

Thorco Projects has in recent years transformed into an asset-light business operating a chartered fleet of predominantly Handysize vessels, where NORDEN is a significant operator. The acquisition therefore compliments
NORDEN’s asset-light business model will contribute positively to margins in NORDEN’s Freight Services & Trading business unit.

“We look forward to welcoming the Thorco Projects team into NORDEN and offer customers an enhanced global service across all non-containerized cargo types,” says NORDEN CEO Jan Rindbo. “With the tonnage and business tools we have available in NORDEN, we see significant potential to further grow the Thorco Projects business under the NORDEN brand,” he adds.

With the acquisition of the Thorco Projects business, NORDEN further grows its customer offering, as Thorco Projects operate within specialist general cargo segments such as break bulk, steel, and wind energy-related cargoes,
where multiple cargo parcels from different customers typically are combined into single shipments on Multipurpose and Handysize ships. Operating a chartered fleet of 30-40 vessels, the Thorco Projects team brings substantial relations, skills, and know-how necessary to operate a specialized general cargo business.

“We look forward to developing our cooperation with our customers, both current and future,” says Thomas Mikkelsen, CEO Thorco Projects. “We also welcome this opportunity to grow our collaboration with NORDEN, who we
believe can further strengthen and grow the project's business.”

There are numerous commercial synergies between the two businesses, including an overlap in Thorco Projects’ fronthaul routes and NORDEN’s backhaul routes, creating the opportunity for trading route optimization, which also will reduce supply chain emissions for customers.

The acquisition is subject to regulatory clearance. Closing is expected to occur in Q3 2023.