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CEO's Column - NORDEN News Magazine Autumn 2007

Taking NORDEN to the next level

The recent year has offered a lot of highlights, and it has in many ways been a record year.

In 2006, NORDEN launched the ambitious Vision, Mission and Values process, which is spreading well throughout the organisation and is reflected in our daily actions. The Company has also been named by Marine Money International as the second best shipping company in the world in 2006 when it comes to financial performance, and NORDEN’s share has truly experienced a boom both in price and volume since the shipping company Torm disposed of its large shareholding in the spring of 2007. The Company’s total market capitalisation has recently passed DKK 26 billion. At the same time, we have expanded substantially within both Handysize and Panamax, entered the Post-Panamax segment and shifted from being an owner into being an operator within Aframax. At present, NORDEN’s gross fleet comprises 306 vessels, which is more than 100 compared to the previous year. In addition, Norient Product Pool fastened itself as the world’s second largest product tanker pool. In 2007, we expect a result in the range of USD 535-565 million, which will also be a new all-time high in the history of the Company.

The impressive results have been achieved based on a solid and determined effort from NORDEN’s employees and on NORDEN’s ability to adapt both our organisation and strategy to new challenges and possibilities in the market. In many areas, we have proven ourselves able to think outside the box and to avoid habitual thinking.

The job in the years to come is quite clear: we must maintain the positive development and expand NORDEN’s businesses even further, bearing in mind that we are acting in a cyclical business. In other words, we must take NORDEN to the next level. And we are already well on our way. Recently, we initiated the annual, most comprehensive strategy process to date in NORDEN’s history, which is going to set the course for our “voyage” for the next 3, 5 and 10 years. Throughout 2007, we have intensified our dialogue with our current as well as potential investors in order to make our results and business model more visible and also to get some feedback from the market. In addition, we have made a wide range of information about NORDEN as a business, as a partner and as a workplace more accessible through our new website. And in this area, we also plan to up the effort even further.

NORDEN’s rapid development in recent years and the outside world’s increased interest in us require more than previously from us in terms of communication and the way we brand ourselves and NORDEN. What is it that we do best? And why should you choose to do business with us instead of our competitors? As a starting point, we have a strong brand both in-house and in the business, but we have chosen to challenge ourselves also within this area to see if we can raise the bar even further. This is why we had a discussion of NORDEN’s future branding at the annual NORDEN weekend so that our brand will also be “fi t for fight” and contribute to the next level of NORDEN’s development at an ongoing basis.

CARSTEN MORTENSEN