Historical Highlights

2012

NORDEN in Mumbai in India celebrates the 20-year anniversary of NORDEN’s first dry cargo business in India. The office in Mumbai was set up in 2005 to further develop the business in India and the Middle East.

Norient Product Pool, on a 50/50 basis owned by NORDEN and the Cypriot shipping company Interorient Navigation Company Ltd., is now the world’s second largest product tanker pool.

In connection with the interim report for the first quarter of 2012 NORDEN decides to conduct write-downs totalling USD 300 million of the carrying amounts of the fleet to ensure a fair presentation of the assets.

NORDEN contracts 2 Handysize product tankers at the GSI shipyard in China. Their fuel consumption is estimated to be 25% lower compared to existing tonnage. Thereby NORDEN meets its customers’ growing demand for best possible fuel economy of the shipping companies who transport their products.

NORDEN receives a special prize for the way its Annual Report 2011 describes expectations for the future. The prize is instituted by the Confederation of Danish Industry and the Institute of State Authorized Public Accounts in Denmark.

A mobile version of NORDEN’s corporate website www.ds-norden.com is launched. A compact version, adapted to visitors from mobile units such as iPhones and iPads. When entering NORDEN’s website from mobile units, visitors will in general automatically enter the mobile version m.ds-norden.com. 

 More highlights of 2012

2011

NORDEN employees all over the world celebrate that Mr Mads C. Holm founded and listed Dampskibsselskabet NORDEN A/S 140 years ago.

A 5-year COA with the Norwegian mining company Store Norske Spitsbergen Grubekompagni AS is signed. The contract is among the 3 largest concluded by NORDEN so far. NORDEN is to transport 10 million tons of coal from Svalbard to European ports during the next 5 years.

NORDEN capitalises off its knowledge of fuel saving technologies during the contracting of 4 MR product tankers at the STX Shipyard in South Korea. A variety of systems, equipment and an electronic main engine will help the vessels reduce their fuel consumption and CO2 emissions by as much as 25%.

NORDEN and Norient Product Pool implement a whistle blowing system which provides safe access to reporting violations of laws, regulations, policies and guidelines to an independent external investigator.

 More highlights of 2011

2010

Is expected to be the busiest delivery year ever in Dry Cargo with at least one naming ceremony every 2 weeks throughout the year.

NORDEN receives The Danish Society of Financial Analysts’ Information Award for “its whole of information, which is impressive in depth as well as in width”, says the Society.  

Launch of Handysize- and Post-Panamax pools in collaboration with Interorient Navigation Company Ltd.  of Cyprus. 

2009

NORDEN enters into several large COA’s, e.g. the largest and longest COA in Dry Cargo Handysize so far: 15-year contract on transport of up to 12 million tonnes bio fuel over the Atlantic.

Following a sharp reduction of the active Dry Cargo fleet in the first half of 2009, NORDEN starts rebuilding the active fleet in the second half.

Trimming of the order book and redelivery of expensive short-term chartered vessels reduces the average fleet running costs markedly. 

Agreements to sell 17 dry cargo vessels since the global economical crisis broke out. The sales release tied-up cash, yields profits and trims the portfolio.

NORDEN takes delivery of its first Post-Panamax vessel.

Mr Michael Tønnes Jørgensen takes up office as Group CFO and Executive Vice President after Ivar Hansson Myklebust.

At the end of the year, the Company controls 164 vessels and  67 vessels for delivery.

2008

Best  result to date: net profit of USD 708 million despite the emerging global economic crisis.NORDEN adapts capacity, costs and business to this crisis.

NORDEN participates in the Carbon Disclosure Project (CDP) for the first time. CDP is the most comprehensive global mapping of corporations’ efforts to reduce emissions of the greenhouse gas CO2. More

NORDEN enters into the largest ever COA (contract of affreightment) on transportation of more than 15 million tons of coal over a period of 15 years.

NORDEN moves into its new domicile Bryghuset in Hellerup, north of Copenhagen.

Based on the 2007 results, NORDEN is ranked second best world-wide by Marine Money in the annual ranking of all listed shipping companies’ ability to create financial results and value.  

At the end of the year, the Company controls 170 vessels and 88 vessels for delivery.  

2007

Dry cargo: Earlier the typical size within the Capesize segment was 150,000 dwt,now it is closer to 180-200,000 dwt. This paves the way for a new dry cargo segment, Post-Panamax, which fills the gap between Panamax and Capesize with vessel sizes in the range of 85-120,000 dwt. NORDEN enters this segment and envisions good commercial opportunities within this new segment and will have the first Post-Panamax vessel delivered in 2009.

Tanker: NORDEN decided to enter into the LR1 segment of 60,000-75,000 deadweight tonnes product tankers in 2008.

NORDEN was ranked number two in the Marine Money International survey of best financial performance in the shipping industry. NORDEN recieved the Danish newspaper Børsen's annual reports price for the best annual report in 2006 among Danish companies not listed in the OMXC20-index. Later on NORDEN entered into the OMXC20 index.

At the end of the year, the company controls an active fleet of 216 vessels. In addition directly/indirectly 94 vessels on order.

2006

Signing of contract on new NORDEN headquarters in Copenhagen, which will be ready for occupation in June 2008.

Kick-off of NORDENs new vision, mission and values.

Dry cargo: New activities in the Handysize segment were established. A FFA department was created and a project department was set up to develop and handle purchase and sale activities as well as long-term charters. The number of newbuildings and long-term charters for future delivery was the greatest ever.

Tanker: The active fleet in Norient Product Pool more than doubled from 15 to 35 vessels. NORDEN strengthened its position in ice-class MR/Handysize tonnage. Delivery of the first three – of six - 38,500 tdw product tankers, contracted at GSI in China.

At the end of the year, the company controls an active fleet of 153 vessels. In addition directly/indirectly 67 vessels on order.

Financial Highlights 2006

2005

Office in Mumbai, India opens. (NORDEN´s fifth office outside Denmark)

Carsten Mortensen appointed new President & CEO, following the passing away of President & CEO Steen R. Krabbe.

Dry cargo: Owned active fleet expanded from two to seven vessels during the year, despite the sale of eight dry bulk carriers.

Tanker: Establishment of Norient Product Pool with pool-partner Interorient Navigation Company Ltd., Cyprus. Sale of four vessels. 

NORDEN was ranked as No 5 in the world in the Marine Money International survey of best financial performance in the shipping industry.

At the end of the year, the company controls an active fleet of 124 vessels. In addition directly/indirectly 50 vessels on order.

Financial Highlights 2005

2004

The expansion of the organisation proceeded well with a considerable upgrading of a number of functions in Copenhagen and at the offices outside Denmark. Decision on establishing a new office in India was taken as well as a new tanker pool arrangement.

NORDEN was ranked as No 3 in the world in the Marine Money International survey of best financial performance in the shipping industry.

The company added 40 bulk carriers and 7 tankers to its fleet, which at the end of the year counted 134 bulk carrriers and 25 tankers, of which 123 had been delivered. The fleet is a combination of ownen vessels, vessels on long-term charter (with purchase options) and vessels on long or short-term charter.

Financial Highlights 2004

2003

Office in Rio de Janeiro, Brazil opens.

Dry cargo: Order book at Mitsui Shipbuilding Co. expanded with further three Handymax bulk carriers.

Tanker: Six 38,500 tdw product tankers contracted at Guangzhou Shipbuilding International in China for delivery during 2005 to 2007. Two are partly owned.

The company controls a fleet of about 100 vessels corresponding to 5.2 mill tdw. In addition directly/indirectly 27 vessels on order corresponding to 1.7 mill. tdw. 

2002

Office in Shanghai, China opens.

Two Handymax bulkcarriers contracted at Mitsui Shipbuilding Co. respectively Oshima Shipbuilding Co. Further 3 Handymax bulkcarriers and 1 Capesize unit have been chartered on long term with purchase options.

Total fleet operated exceeds 3.5 mill. dwt.

NORDEN merges with Nordfarer A/S. 

2001

High level of purchase and sale activities with the sale of 7 units including the two Capesize units "Nord-Energy" and "Nord-Power".

Four new units were contracted, i.e. two product tankers (37,000 dwt) at STX Shipbuilding Co. and two Handymax bulkcarriers (56,000 dwt) at Mitsui Shipbuilding Co. Four product tankers and one Capesize unit are chartered with purchase options.

2000

Office in Annapolis, USA opens.

NORDEN's status as the operating company in the Motortramp group is terminated. NORDEN no longer has a majority shareholder.

NORDEN extends its activites with long-term charters for additionally 8 units - 1 Capesize, 2 Panamax and 5 Handymax bulkcarriers. Delivery in 2001 and 2002.

An older Aframax tanker was sold. Three new Aframax crude oil tankers contracted from Sumitomo Heavy Industries, one of which is sold but chartered under a 5 year bareboat charter. Delivery in 2001 and 2002.

NORDEN takes delivery of the Handymax bulkcarrier "Nord Cecilie" from Oshima and the product tankers "Nordamerika" and "Nordeuropa" from Daedong (now STX Shipbuilding Co., Ltd.)

1999

The Company contracts two options to buy two 35,000 dwt twin-hull product tankers at a Korean shipyard to be delivered in 2000 and 2001, respectively, and sells m.t. "Nordholt" and m.t. "Nordfarer". The options were announcedlater on.

Dampskibsselskabet "NORDEN" A/S contracts additionally two Handymax bulkcarriers (51,000 dwt) at the Oshima shipyard in Japan, which are sold to Greek interests later in 1999.

Furthermore, the Company charters six new Handymax bulkcarriers and a Capesize bulk carrier, all with options to buy. M.v. "Nordpol"/ "Nordkap" (50,000 dwt, built in 1994) are sold to Greek interests.
During 1999 Dampskibsselskabet "NORDEN" A/S employs on average around 30-40 bulkcarriers.

1998

Dampskibsselskabet "NORDEN" A/S expands its Aframax activities by contracting/taking delivery of m.t. "Nordasia".

Furthermore, a Handymax bulk carrier is contracted at the Oshima shipyard in Japan.

1996

Office in Singapore opens.

Dampskibsselskabet "NORDEN" A/S celebrates its 125th anniversary with a fleet of 682,899 dwt fully or partly owned ships.

1995

The Company's tanker department takes over the charter of all EAC tankers.
At the same time the fleet is expanded with the acquisition of small product tankers which are sold again in the period 1996-98.

1994

Merger between Dampskibsselskabet Orient and Dampskibsselskabet "NORDEN" A/S. Orient continues as the "operating" company, but the name is changed to Dampskibsselskabet "NORDEN" A/S.

The Company expands its Handymax activities by taking delivery of m.v. "Nordpol" and m.v. "Nordkap" from Danyard.

1992

The first Aframax crude oil tanker, m.t. "Skaunord", is delivered to the Company.

1991

Denmark's two largest dry cargo vessels, m.v. "Nord-Energy" and m.v. "Nord-Power" of approx. 150,000 dwt each, are delivered to the Company.

1990

The Company's tanker department is established.

1986

M.t. "Nordtramp", a 84,000 dwt product tanker, is delivered by B&W to a Difko K/S company with "NORDEN" as bareboat charterer.

From 1986 to 1992 the Company is technical manager of and participates in a bareboat-chartering partnership with four more large B&W product tankers.

1979

The last liner-type vessel, m.s. "Nordfarer", is sold.

1973

M.s. "Nordtramp", bulk carrier of 34,000 dwt with six cranes, is delivered from Mitsui Shipbuilding, Japan. Five more bulkcarriers are delivered from Mitsui in 1974-1985.

1971

M.s. "Nordpol" is lost during the armed conflict between India and Pakistan about East Pakistan (now Bangladesh).

1946

The Company's last steamship, "Nordlys", is sold. From 1946, according to an amicable agreement between Dampskibsselskabet Orient and "NORDEN", Orient begins to acquire shares in "NORDEN". Around 1955 Orient owns the majority of shares in "NORDEN", while the majority of shares in Orient is owned by Motortramp.

1945-61

Nakskov Shipyard delivers eight liner-type motor vessels of 8,300/10,200 dwt to Dampskibsselskabet "NORDEN" A/S.

1939/45

Of the fleet comprising eight motor vessels and one steamship four are lost during the war, of which three in Allied services. Three motor vessels are docked in Nakskov during the occupation.

1923-38

B&W and Nakskov Shipyard deliver eight liner-type motor vessels of approx. 8,300 dwt to "NORDEN".

1923

The Company's first motor vessel, "Nordbo" (8,250 dwt, price: DKK 2.8 million), is delivered from Burmeister & Wain (B&W).

1921

"NORDEN" acquires Dampskibsselskabet Hafnia with a fleet of five steamships.

1917

"NORDEN" acquires Dampskibsselskabet Danmark with a fleet of four steamships.

1892

Mads C. Holm dies at the age of almost 65 years. Dampskibsselskabet "NORDEN" A/S' head office relocates from Havnegade to Amaliegade.

1884

Dampskibsrederi-Foreningen (later Danmarks Rederiforening ~ Danish Shipowners' Association) is founded with Mads C. Holm as co-founder.

1881

Helsingør Shipyard is founded by Mads C. Holm.

1872

The Company's first steamship, m.s. "NORDEN" (1,400 dwt), is delivered from a shipyard in Glasgow.

1871

Dampskibsselskabet "NORDEN" A/S is founded by Mads C. Holm on 11 February. He is Managing Director of the Company until his death in 1892.