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CEO's Column - NORDEN News Magazine Winter 2010

A profitable decade

When we soon start the year 2011, we have also finished the first decade in this millennium. Others besides me have taken this opportunity to look back a bit further than only a year and have worked out that the NORDEN share has been the best performing share in Denmark with an increase of 1319%. And NORDEN's accounts tell us that we – with the help of strong tail wind in large parts of the decade – have increased our market value from less than DKK 100 million to DKK 9 billion and our revenue from DKK 1.8 billion to DKK 9.1 billion during the period 2000-2010 (end September). So what else can you say than NORDEN had a good start to the millennium?

We are and have been good at making money, and we should not just sit on them. They should come to the benefit of our shareholders, and they should be invested in future growth. We have just announced a proposal from the Board of Directors to initiate a buy-back of shares at a value of USD 30 million and to pay out total dividends of USD 60 million, corresponding to approximately DKK 8 per share, to our shareholders in connection with the annual general meeting in April 2011. In addition to the investments which were already planned at the beginning of the year, we have purchased 6 product tankers, exercised purchase option on 4 dry cargo vessels and contracted 4 dry cargo newbuildings in 2010. In other words, we have sent out a total of DKK 415 million to work for us in 2010 in the expectation that we will benefit from this when the markets improve.

I look forward to starting a new decade which we kick off with our 140th birthday. In 2011 we have been around for 140 years, first as a shipping company, and now both as a ship owner and operator. In addition to long-term experience, we have a strong organisation, a well-proven business model, loyal customers, financial strength and systems prepared for quick responses to changing markets. Then we cannot get a better starting point for another profitable decade.

I wish you all a merry Christmas and a happy New Year.

CARSTEN MORTENSEN

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