Dampskibsselskabet "NORDEN" A/S, Interim report - third quarter 2007

Attached please find the full report as PDF file.


Dampskibsselskabet ”NORDEN” A/S
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OMX Nordic Exchange Copenhagen A/S                          Announcement no. 39
Nikolaj Plads 6                                                29 November 2007
1067 Copenhagen K




Interim report - third quarter 2007

The first three quarters - highlights

The profit for the third quarter was USD 196 million. This corresponds to a
tenfold increase compared to the same period last year. 

The profit for the first three quarters was USD 481 million, corresponding to
DKK 2,665 million - translated at the average rate of the period - or DKK 64
per share. 

EBITDA for the third quarter was USD 137 million - a 180% increase compared to
the same period last year. The increased operating earnings are a result of a
considerable increase in the Dry Cargo Department due to high freight rates and
favourable positioning. The Tanker Department's EBITDA has decreased due to a
weaker spot market. 

In the third quarter, the Company's operations generated a positive cash flow
of USD 169 million. 

The expansion of the fleet continues. During the quarter, the active fleet has
been expanded from 191 to 213 vessels. At the same time, the number of vessels
for delivery has increased from 92 to 98 vessels. 

After the end of the quarter, the Company has entered into considerable
agreements on coverage of capacity at attractive rates in the Dry Cargo
Department. By mid-November, the coverage for 2008 was 64%, while it was 31%
for 2009. 

At the end of the period, the total theoretical Net Asset Value is estimated to
be DKK 590 per share; of this, the value of the Company's 76 charter parties
with purchase option is DKK 353 per share. By mid-November - according to an
updated estimate - the value of the charter parties with purchase option was
USD 3,574 million or DKK 448 per share. 

As stated in stock exchange announcement on 15 November 2007, NORDEN has made
an upward adjustment of the expected annual profit for 2007 to be in the range
of USD 670-700 million, including realised profits from the sale of vessels of
USD 165 million and a positive fair value adjustment of certain hedging
instruments of USD 13 million. The upward adjustment of USD 110 million is
especially due to a very strong dry cargo market. 



                Mogens Hugo                Carsten Mortensen
           Chairman of the Board            President & CEO



Today at 11.00 hours (CET), NORDEN will hold an information meeting at no. 49,
Amaliegade, DK-1256 Copenhagen K, where CEO Carsten Mortensen and CFO Ivar H.
Myklebust will comment on the third quarter and the expectations for the whole
year. 

Furthermore, a telephone conference will be held at 16.00 hours (CET). By 15.55
hours (CET) at the latest, Danish participants should dial +45 7026 5040 while
participants from abroad should dial +44 208 817 9301 or +353 1 436 4265. The
telephone conference can also be followed live at www.ds-norden.com where the
accompanying presentation also is available. 

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

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                        Dampskibsselskabet ”NORDEN” A/S
                                49, Amaliegade
                             DK-1256 COPENHAGEN K
                               www.ds-norden.com