Danish shipping company Dampskibsselskabet NORDEN A/S wins 15-year coal transport contract in Taiwan

Sep 02, 2008 (NORDIC BUSINESS REPORT via COMTEX) -- DPBSF | Quote | Chart | News | PowerRating -- Danish shipping company Dampskibsselskabet NORDEN A/S (NORDEN) (OMX Copenhagen: DNORD) announced on Tuesday (2 September) that it has landed a record freight contract from the Taiwanese power plant operator Ho-Ping Power Company.

The contract covers transportation of over 15m tons of coal over 15 years. The transports will begin in 2011, and will entail about 400 ship days per year at an estimated USD23,500-25,000 per day.

"The contract secures a solid base under NORDEN's future earnings, and is part of the company's focus on creating long-term cash flows in a volatile market," NORDEN said.

Ho-Ping Power Company is a joint venture of Taiwan Cement Corporation and OneEnergy Limited, the latter itself a joint venture of CLP Holdings Limited and Mitsubishi Corporation.

NORDEN, headquartered in Copenhagen, Denmark, is an international dry cargo and tankers operator with an active fleet of 220 vessels and 97 vessels due for future delivery. The company has over 500 employees and reported revenue of USD2.93bn in 2007.

One British pound (GBP) is worth approximately 1.79 US dollars (USD).

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