D/S NORDEN enters into long-term contract of affreightment
Attached please find below text as PDF file.
Dampskibsselskabet NORDEN A/S
_______________________________________________________________________________
OMX Nordic Exchange Copenhagen A/S Announcement no. 32
Nikolaj Plads 6 2 September 2008
1067 Copenhagen K
D/S NORDEN enters into long-term contract of affreightment
Today, D/S NORDEN A/S entered into its largest ever contract of affreightment
covering transportation of more than 15 million tons of coal over a period of
15 years, equivalent to 14 annual Panamax cargoes. Shipments will commence in
2011 and will entail coverage of about 400 ship days per year at an estimated
T/C equivalent in the range of USD 23,500-25,000 per day dependent on the exact
vessel type. This is to be related to the Company's average cost level on the
known Panamax fleet from 2010 of approximately USD 13,500 per day.
The contract has been entered into with Ho-Ping Power Company (”HPPC”), which
is a joint venture between Taiwan Cement Corporation and OneEnergy Limited -
the latter being a joint venture between CLP Holdings Limited and Mitsubishi
Corporation. At present, HPPC runs a 2 x 660MW electricity generating plant in
Ho-Ping, Taiwan, which will be the receiver of the transported coal.
The contract secures a solid base under NORDEN's future earnings, and is part
of the Company's focus on creating long-term cash flows in a volatile market.
Kind regards,
Dampskibsselskabet NORDEN A/S
Carsten Mortensen
President & CEO
Contact at tel. +45 3315 0451: Martin Badsted, Senior Vice President.
_______________________________________________________________________________
Dampskibsselskabet NORDEN A/S
52, Strandvejen
DK-2900 HELLERUP
www.ds-norden.com
