Contracted newbuildings and long-term time charter agreement

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Dampskibsselskabet NORDEN A/S
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                                                            Announcement no. 25
                                                                3 December 2010


Contracted newbuildings and long-term time charter agreement

NORDEN has contracted 2 Handysize newbuildings which after delivery from the
shipyard will be chartered out to Rio Tinto, one of the biggest dry bulk
charterers in the world. The agreement is long term and is expected to result in
an accumulated operating profit (EBITDA) of approximately USD 60-70 million for
the entire contract period. 

The 2 dry cargo vessels have been contracted at the Japanese shipyard Onomichi
Dockyard. The vessels are 37,000 dwt. ice class vessels designed especially to
meet the requirements of Rio Tinto for transportation of alumina from Latin
America to eastern Canada. The first vessel will be delivered from the shipyard
in the second half of 2012 and the next in the first half of 2013. 

The agreement is part of the Dry Cargo Department's strategy to expand business
with well-established, global cargo owners by entering into long-term COAs or
agreements to charter out vessels. In May 2010, NORDEN entered into a similar
agreement with Rio Tinto on chartering out 2 Panamax vessels, and furthermore,
NORDEN also has a number of COAs with Rio Tinto. 

In addition to the 2 vessels from Onomichi Dockyard, NORDEN has contracted 2
other Handysize newbuildings at Hyundai-Mipo (Vietnam). NORDEN's order book in
Handysize now counts 16 owned newbuildings and 5 long-term chartered vessels
with purchase option. These vessels will be delivered in the period 2011-2013
and will contribute to NORDEN's objective of obtaining critical mass in this
vessel type. 

NORDEN's investments in Handysize are made in expectation of an attractive
long-term demand development in combination with a large part of the global
fleet being outdated and the order book being of a manageable size. According
to Clarkson Research, the global fleet in Handysize counts 2,995 vessels (from
10,000-39,999 dwt.). 50% of the vessels are more than 20 years old, meaning
that the scrapping potential is significant. The official order book in
Handysize corresponds to 28% of the global fleet, while the average for the
global dry cargo fleet is approximately 52%. 


                                  Kind regards,
                          Dampskibsselskabet NORDEN A/S


                               Carsten Mortensen
                                CEO & President


Contact at tel. +45 3315 0451: Martin Badsted, Senior Vice President

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                          Dampskibsselskabet NORDEN A/S
                                 52, Strandvejen
                                 DK-2900 HELLERUP
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                                 www.ds-norden.com