NORDEN in brief

Dampskibsselskabet ”NORDEN” A/S is an independent listed company founded in 1871, making it one of Denmark’s oldest internationally operating shipping companies. NORDEN operates in dry cargo and tankers worldwide.

NORDEN’s fleet is among the most modern, flexible and competitive players in the industry. At the end of 2007, the Company operated 216 vessels, of which 14 were owned vessels and 34 were on long-term charters with purchase options. The remaining vessels were charters without purchase options. The fleet is continuously being expanded. At year end, the Company had 35 vessels under construction, while 41 vessels with purchase options had been chartered long-term but had yet to be delivered. NORDEN possesses one of the largest fleets of vessels with purchase options in the world, and this contributes to the great flexibility of the fleet as well as to the Company’s value creation.

In dry cargo, the Company is one of the world’s largest operators of modern bulkcarriers in the Handymax and Panamax segments. The Company also has significant activities in the Handysize and Capesize segments. As from 2009, the Company’s dry cargo activities will also include the Post-Panamax segment, in which the Company expects to be among the world’s largest shipowners and operators.

In tankers, the Company is mainly active in the product tanker segments Handysize and MR, but also has activities in the Aframax segment, which transports crude oil. The product tanker activities are operated through the Norient Product Pool, which is managed by the 50%-owned Norient Product Pool A/S. As from 2008, the Company’s product tanker activities will also include the LR1 segment.

NORDEN has its head office in Copenhagen and offices in Singapore, Shanghai (China), Annapolis (USA), Rio de Janeiro (Brazil) and Mumbai (India). At the end of 2007, the Company had 190 employees ashore and 332 at sea.

NORDEN’s shares are listed on the OMX Nordic Exchange and are a component of the OMXC20 index.

The NORDEN Mission:

Our business is global tramp shipping. We seek excellence through a dedicated team effort from competent and motivated people.

With ambition, reliability, flexibility and empathy we

focus on customers who benefit from our constant commitment to being an independent long-term partner
continue our long history of building valued relationships with shipowners and shipyards.

We will maintain a large, modern fleet of owned and chartered tonnage and – in a volatile market – we manage risks to constantly be able to develop our business and create shareholder value.

The NORDEN Core Values:

Flexibility

Adapt and find better solutions.

Reliability

Honesty, good intentions and no cheating.

Empathy

Respect diversity in people and opinions.

Ambition

Think ambition into every activity.