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CEO's Column - NORDEN News Magazine Summer 2007

On the right course

As NORDEN’s team captain it is very difficult to be anything but satisfied with the beginning of 2007.

In the first quarter, we recorded the highest quarterly earnings ever. So far this year, we have had by far the highest business volume, and our contracting activities and our development of future capacity have set new records. At the same time, in the dry cargo segment our entry into Handysize has come a long way and we are ready to penetrate the new Post-Panamax segment in order to increase our market coverage and our offering to our customers. In the tanker area, we have completed our strategy of switching into an operator role in the Aframax segment, and Norient Product Pool performs excellently and has consolidated itself among the top 3 in the world.

In the financial area, following the sale of the shipping company Torm’s major shareholding, the interest in NORDEN shares has increased signifi cantly. We are currently among the 20 most traded shares on the OMX/Copenhagen Stock Exchange and we are in close and considerably intensifi ed dialogue with both potential investors and our many shareholders. At the beginning of July our share price was at an all-time high.

The prospects for the rest of 2007 are good, and we are headed for another fi ne, not to say tremendous, overall performance,which we expect to be the best in the history of the Company.

In this edition of Norden News, we focus on our efforts in the Chinese market, which, in many ways, is the engine of the international shipping industry – and is expected to remain so in the years to come. You will also see an example of our long and much appreciated collaboration with Japanese shipyards and read about NORDEN’s intensifi ed recruiting efforts in the Philippines as well as ON BOARD, our new newsletter on safety,environment and welfare on board NORDEN’s vessels.

Happy reading and have a great summer!

CARSTEN MORTENSEN