NORDEN, GNPower Ink Coal Transportation Deal
Dampskibsselskabet NORDEN A/S has entered into a 10-year contract with the Philippine energy company GNPower Mariveles Coal Plant Ltd. Co. (GNPower) that owns and operates a modern power plant in the Bataan province on Luzon Island in the Philippines.
Largest contract in the history of NORDEN
The contract comprises transportation of 20-24 million tons of coal to the power plant and starts in the first quarter of 2017. In terms of volume, this makes it the largest contract in the history of NORDEN.
The GNPower power plant in Bataan began its production in 2013, and from the start NORDEN has transported coal to the plant on behalf of an Indonesian coal producer. Going forward, NORDEN will be dealing directly with GNPower as the customer, as the power plant buys the coal from various producers in Indonesia, whereupon it will be sailed to the Philippines by NORDEN. The transports will be carried out on Panamax vessels and will involve 25-30 trips a year. Each transport will take approximately 20 days.
