Norvic Shipping

Norvic Shipping is conducting changes to its management structure and is moving key roles to New York. Toronto-based bulk carrier operator Norvic Shipping aimed at being closer to business activities and commercial environment at US market. Currently, Norvic Shipping is led by CEO Peter Borup. Former COO Mudit Paliwal and Henrik Jeremiassen have left Norvic Shipping by mutual agreement and their positions have not been filled. Norvic Shipping operates bulk carriers, of which about 55% are supramax, 25% handy and 20% panamax bulk carriers. Norvic Shipping is not planning investing in bulk carriers. Norvic Shipping is aiming to remain a pure operator of bulk carriers. Norvic Shipping has even avoided taking ships on long-term charters in its core fleet. CEO Peter Borup explained that Norvic Shipping did one or two one-year deals in previous years, but in this demanding market, it makes sense to go short on tonnage. CEO Peter Borup added that Norvic Shipping is not ruling out taking longer positions at a later stage. CEO Peter Borup described the bulker market as a bit tougher than of late and he is comfortable with the current situation of Norvic Shipping is in. CEO Peter Borup said the company was profitable in 2018. Norvic Shipping has a policy of company growth, but CEO Peter Borup stressed that a key goal is to be able to work more efficiently with our teams.

Norvic Shipping has offices in Copenhagen, Toronto, New York, Houston, Dubai, Singapore, New Delhi and Dubai. Norvic Shipping was founded in Toronto in 2006, initially focusing on the aframax and suezmax tanker segments. Norvic Shipping still has a minor involvement in the tanker market. In 2012, Norvic Shipping went into the bulk carrier business and has since significantly grown the fleet. In 2018, Norvic Shipping generated more than 25,000 ship days during the calendar year and doubled its turnover. In 2017, CEO Peter Borup was the head of Lauritzen Bulkers. CEO Peter Borup is a 26-year shipping veteran and former senior positions at Norden and Maersk Broker.