Cost adjustments at D/S NORDEN

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Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S                                    Announcement no. 2
Nikolaj Plads 6                                                 13 January 2009
1067 Copenhagen K                                                   Page 1 of 1


Cost adjustments at D/S NORDEN

NORDEN is today informing the employees that the Company contemplates carrying
out collective redundancies among the shore-based staff. The restructuring is
expected to entail the redundancy of 37 out of 248 employees, while 9 employees
are offered a different position with the Company. The Company's 424 sea-based
employees and officers will not be affected by the restructuring. 

NORDEN has invited the employees to negotiate the planned downsizing, and the
negotiation is expected to be concluded without delay. 

The planned restructuring is due to the crisis in the dry cargo market. Since
the crisis broke out, NORDEN has reduced its active dry cargo fleet by
approximately 100 units (net), and the fleet capacity and costs have thus been
adapted to the changed market conditions. 

”We have a sound and good business in dry cargo and tankers, but due to a lower
business volume in dry cargo and a growing level of uncertainty caused by the
global economic crisis, there is a need to adjust the fixed costs to the level
of activity we expect in 2009,” says Carsten Mortensen, President & CEO. 

The plans involve letting go of 19 employees at the headquarters in Denmark and
of 18 employees in Singapore, Shanghai and Annapolis. 

”We deeply regret that the difficult market conditions in dry cargo will affect
competent and dedicated employees. We will in the best possible manner strive
to support and help the ones affected by the restructuring,” says Carsten
Mortensen. Among other things, NORDEN is offering the affected employees
redundancy payment, fast disemployment, continued pay and employment conditions
throughout the entire period under notice as well as individual guidance on
career planning, job seeking, etc.

                                      Kind regards,
                             Dampskibsselskabet NORDEN A/S

                                    Carsten Mortensen
                                     President & CEO


Contact at tel. +45 3315 0451: Martin Badsted, Senior Vice President, and Hans
Bøving, Head of Corporate Communications.


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