Copenhagen, Denmark-based dry cargo and product tanker shipping company Dampskibsselskabet NORDEN A/S, will shut its India office in Mumbai from August 1 and relocate to Dubai, the company said.
NORDEN said it is relocating to Dubai to build a more sustainable base for growth across the entire Indian Ocean region, including in NORDEN’s second largest office in Singapore.
“By opening an office in Dubai, we are following our clients to this trading hub, which we believe will bring increased access to clients and the employee base we are searching for,” said Christian Vinther Christensen, Head of Dry Operator at NORDEN.
“The decision also follows growing dry cargo activities in NORDEN, which have seen us capturing market shares, also throughout the Covid-19 crisis, to our current operation of over 300 dry cargo vessels,” he added.
NORDEN is one of Denmark’s oldest internationally operational shipping companies.
The company has been operational in Mumbai since 2005 through a wholly-owned subsidiary NORDEN Tankers & Bulkers India LLP and has 10 employees.
NORDEN’s move to close its Mumbai office and move to Dubai comes at a time when the government is looking to attract companies to set up shop in India. Shipping industry sources said India should focus on retaining established businesses.
The move to Dubai signals that the company is now ready to take activity in the Indian Ocean region to the next level. Opening of the Dubai office would allow NORDEN to continue to create, capture and deliver value to the company’s many clients in the area, thereby maintaining close relations with the many Indian clients who have relocated to Dubai, while creating the foundation for future growth across the region, Christensen said.
The Mumbai office looked after NORDEN’s interests in India and West Asia, focusing on dry cargo in the Panamax and Supramax vessel types, a segment in which it is one of the world’s largest ship operators.
India’s dry cargo trade is dominated by thermal coal, coking coal, iron ore, steel, and fertiliser shipments.