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CEO's Column - NORDEN News Magazine Autumn 2006

New vessels launched

After a quiet start to the year, the markets have adjusted, and NORDEN is headed for yet another good fi nancial performance. Once more, this is the result of long-term hedging of tonnage, good customer relations, efficient operations, and a profound contribution from all NORDEN employees on land and at sea, combined with a number of new initiatives. Throughout NORDEN’s history, our model for success has been a combination of the sound core business, keeping a vigil eye out for new opportunities in the market, and a readiness for change. And we intend to retain this model. As those of you who participated in the NORDEN Weekend 2006, which this year had dancing as the main theme, will testify, that at NORDEN, we are always ready to learn new steps and skills (see the article on page 16). But we also know when to stick to the core, to our basic values, without losing what we have already mastered and achieved. Therefore the NORDEN Weekend 2006 also marked the beginning of the process of discussing our core values and the goals for NORDEN’s future development. Strong values and clear-cut goals must be the foundation that allows us to remain innovative and to pursue exciting opportunities. This issue of NORDEN News presents some of the “new vessels”, that NORDEN has recently launched, including our investment in the Handysize segment, the rebuilding of m.v. NORDKAP to NORDEN’s first ice class dry cargo vessel and the new path we will pursue in recruitment and in co-operating with educational institutions to ensure a continued intake of new talent to assist us in developing the next steps.

Enjoy reading this issue.

CARSTEN MORTENSEN