Danish shipping company Dampskibsselskabet NORDEN A/S (Norden) has decided to sell the Capesize dry cargo vessel Nord Power built in 2005.

Norden said that the sale would entail an accounting loss of US$12m, which will be included in the annual results for 2015. The 176,000dwt vessel will be delivered to the new owners at the beginning of 2016. The identity of the new owners remained undisclosed.

Norden expects to reinvest the proceeds from the sale into additional Supramax or Panamax vessels in the long term.

"The sale is thus in line with the strategy Focus & Simplicity which involves focusing on the vessel types Supramax and Panamax, where Norden is one of the world's largest operators," said the company.