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CEO's Column - NORDEN News Magazine Spring 2008

A good head start for the future

2007 was a year full of milestones for NORDEN. We achieved the best result ever in the Company’s 137-year-old history: USD 703 million (approximately DKK 3.8 billion) – four times the profi t the year before. For this reason, we expect to distribute the largest dividend ever – DKK 1.5 billion, so that the shareholders also get the feel of this quantum leap in earnings. In addition to the largest business volume ever, we also experienced the greatest contracting activity ever, and we now have 33 owned vessels for delivery and a total of 90 vessels for future delivery. Our ownership situation also became more stable due to the sale of Torm’s shareholding, so NORDEN may continue as an independent shipping company, and we were also admitted to the OMX C20 index. In addition, we managed to attract even more employees, who are both competent and committed, and who constitute such an important part of our business success. In spite of the financial crisis, we expect to reach an even better result in 2008 than we did in 2007 which is in the range of USD 825-905 million, and we also expect to be able to continue our high recruiting activity and talent development both ashore and at sea. We have a really good feeling, but at the same time we are also very aware of the great challenges which the markets may present us with in the coming years.

2008 has already offered a number of new and exciting activities, which you can read more about in this issue of NORDEN News: we have recently entered into an agreement with our esteemed collaborator Interorient Navigation Company Ltd. also to include the dry cargo segment within which we have established two pools in Handysize and Post-Panamax, respectively. We have also laid down our policy and ambitions in relation to the environment and to corporate social responsibility, and we are well on our way with initiatives to reduce fuel consumption and optimise fuel effi ciency to the benefi tof both the environment and cost saving.

And then it is “in a matter of no time” that we will be moving into our new headquarters, where we can ensure both our employees and customers of a future-oriented setting. It will be a great challenge to move the entire headquarters in just one weekend, but I know that we will succeed as we are both flexible and ambitious. Thanks to all employees, business partners, customers and shareholders for an excellent 2007. We are well prepared for what lies ahead, whatever that might be.

CARSTEN MORTENSEN