CEO's Column - NORDEN News Magazine Winter 2006

Making NORDEN number one

2006 was – as ever – a busy year for NORDEN. It was also, once again, a very good year, and it is a pleasure to know that we are standing on the verge of a new year which promises to be even better. 2006 has also seen the launch of a number of new vessels. We have become a serious player in the Handysize segment of the dry cargo market. We have stepped up our activities in the icy waters – both in tankers and in dry cargo. We have signed agreements for newbuildings and long-term charters with purchase options - and consolidated our partnerships. We have welcomed a number of new colleagues and created a framework for our continued growth with our new headquarters in Tuborg Harbour, north of Copenhagen, which we will move into in early 2008. You can read much more about the new headquarters in this issue of NORDEN News. We also have our customers’ word that we are good at what we do. Although there is room for improvement, customer satisfaction surveys indicate that we offer a high standard. I could point to many other highlights, but the most important thing to note is that NORDEN today is a stronger, more broadly based enterprise than we were a year ago. And that is a position we must not just defend, we must expand it! That is why, some eighteen months ago, we started a process to get a clear understanding of the special “NORDEN formula” and map out our future. All this we have chosen to express with the phrase: “Taking NORDEN to the Next Level”. The results of this process are now available in the form of NORDEN’s new vision, new mission and the emphasis that NORDEN’s business stands on four legs, our four core values: fl exibility, reliability, empathy and ambition. The addition of this fourth value – ambition - is essential in that it expresses our intention to include ambition in our planning of every activity and improve all our processes and solutions. We want to be number one, and this ambition will be the driving force behind our actions on a daily basis and the direction of our future development. The comprehensive VMV process (vision, mission, values) is off to a good start and is presently being rolled out throughout the organisation (see pages 5-7).

I look forward to embarking on our onward journey, and together with customers and business partners lifting NORDEN to “the Next Level” in 2007.