CORRECTION: Interim report - first half-year 2011

Due to an error in the table on page 9 (TCE rates for coverage for 2014+), we hereby send a corrected version of the interim report – first half-year 2011.

Attached please find the full report as PDF file.

Dampskibsselskabet NORDEN A/S

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Announcement no. 30

16 August 2011

Interim report – first half-year 2011

Today, the Board of Directors approved the interim report for the first half-year of 2011. The full report is attached as PDF file and contains the following highlights:

Highlights:

Results in the first half-year were slightly ahead of expectations due to a stronger than expected performance by the Tanker Department. The Dry Cargo Department performed in line with expectations. Excluding non-recurring income, operating earnings (EBITDA) in the second quarter were 8% higher than for the first quarter of 2011.

EBITDA in Dry Cargo was USD 32 million in the second quarter, whereas EBITDA in Tankers was USD 12 million.

For the second quarter, NORDEN’s operating earnings (EBITDA) were USD 40 million compared to USD 100 million last year, which included non-recurring income of USD 41 million. Operating earnings for the first half of the year were USD 88 million against USD 179 million in the first half-year of 2010.

For the second quarter, the profit from operations (EBIT) was USD 21 million (USD 86 million). Profit for the period was USD 10 million (USD 83 million) after negative fair value adjustments of certain hedging instruments of USD 11 million.

In the first half-year, NORDEN gained market shares in Dry Cargo with 40% growth in transported volumes compared to the same period last year. In comparison, estimated market growth was 5-6% (R.S. Platou), and at the same time, COAs of 35 million tonnes of forward cargo have been secured.

Theoretical Net Asset Value was DKK 246 per share against DKK 275 per share at the end of first quarter. This development is due to change in the USD/DKK rate and decreased market value of vessels.

During the second quarter, the Dry Cargo Department increased coverage for 2011 to 94%, and therefore only has 1,317 open ship days for the rest of the year. In Tankers, coverage for 2011 remained unchanged from the first quarter.

NORDEN maintains its expectations of an EBITDA of USD 135-175 million and an EBIT of USD 55-95 million.

President and CEO Carsten Mortensen says in a comment: "I am satisfied that, despite very tough conditions, we performed a little better in the first half-year than expected. I am especially pleased with Tankers’ nice contribution to NORDEN’s bottom line and with the fact that the new strategy is well underway with the creation of significant and solid growth in cargo volumes in Dry Cargo."

A telephone conference will be held today at 15.30 hours (CET) where CEO Carsten Mortensen, CFO Michael Tønnes Jørgensen and Senior Vice President Martin Badsted will comment on the report. By 15.25 hours (CET) at the latest, Danish participants should dial +45 3271 4767 while participants from abroad should dial +44 (0) 208 817 9301 or +1 718 354 1226. The telephone conference can be followed live at the website www.ds-norden.com where the accompanying presentation is also available.

Further information: CEO Carsten Mortensen, tel. +45 3315 0451.

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Dampskibsselskabet NORDEN A/S

52, Strandvejen

DK-2900 Hellerup

CVR no. 67758919

www.ds-norden.com