Copenhagen-listed Norden has used the funds to secure a reduced rate on nine vessels.
It says a $51.5m payment will mean $62m is reduced from its charter bill over the coming four years.
Martin Badsted, executive vice president at Norden, told TradeWinds the changes to the charters were "entirely voluntary".
“This is not something we have forced through,” he said. “This is something that both parties saw a benefit in doing.”
Badsted
