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CEO's Column - NORDEN News Magazine Spring 2006

We must continue to develop

The result for 2005 was the best so far in NORDEN’s history. The result was achieved through solid growth in the tanker market, through high coverage of our dry cargo vessels in a weakening market, through sale of vessels at attractive times, and – not least – through a huge, enthusiastic, and competent effort from all of NORDEN’s employees on land and at sea all over the world. A huge thank you to all of you. 2006 will be a different year where the market is expected to normalise after the super cycle in recent years. Demand is expected to demonstrate continued growth but at the same time there will be newbuilding deliveries in both tank and dry cargo, and this is expected to lead to a level of rates below the 2005 level. Therefore we must continue to develop, adapt to the altered market conditions, and be close to customers and focus on their demands. In this issue of NORDEN News you can read about NORDEN’s strategy for continued growth in the coming years and see examples of how NORDEN both in the daily operation and in the development of our business focuses on a close and in-depth understanding of processes, customer needs and markets.

We must continue to develop this further. We cannot afford to stand still. Enjoy reading this issue.

CARSTEN MORTENSEN