And it has plenty of cash to invest in further new ships as a string of second hand sales has bolstered its already formidable balance sheet.

Norden has penned an ice-classed kamsarmax at a Japanese yard against a five-year contract.

Carsten Mortensen, CEO of Norden, is keeping quiet about the yard involved and the price the owner has paid for its first bulker order since late 2010.

But with Norden slowly switching its growth focus back to dry-cargo from tankers, he says the company has the firepower to add more vessels.

He says Norden has $393m in cash and securities, $185m undrawn on existing credit lines and has generated $100m from the sale of seven bulkers in recent months.

Mortensen, who explains the war chest measures up against an existing newbuilding commitment of $173m, said: “We can buy a lot of ships.”

With yards locked in what he calls “a beauty contest” over who can build the best eco ships and orderbooks running down, the “time is getting closer” for further contracts to be placed.

“We have no great hurry to rush into anything right now,” he added when pressed on his plans.

Norden revealed the kamsarmax contract as it wheeled out its third quarter results today.

Mortensen says the vessel could be 25% more efficient than the existing breed and stresses Norden is a “strong believer” in the eco story.

According to data from Clarksons, Norden has two other dry-cargo newbuildings on order.

It has a 33,232-dwt bulker, contracted in 2008, to come from Hyundai Mipo and a 36,570-dwt vessel under construction at Onomichi Dockyardin Japan, which was penned in December 2010, the shipbroker says. 

Norden, which posted a core operating profit of $23m in the third quarter, has sold seven bulkers since the start of July, its report said.

Mortensen says the sales meet the plan to build a more fuel efficient fleet while making “sure we have enough cash to act on opportunities and see us thorough this bad market”.

He added: “There are not many buyers out there and we got a good offer and decided to sell.”

Mortensen says the ships went to three separate buyers, but declines to discuss further details.

TradeWinds reported last week Norden had sold three Hyundai Mipo-built handysize bulkers.

The 33,000-dwt Nord Aarhus (built 2012), Nord Antwerp and Nord Dubai (both built 2011) have gone to an undisclosed Greek buyer, brokers said.  Estimates for the price vary from $60m to $63m en bloc.