Dampskibsselskabet NORDEN A/S, annual report for 2008 and outlook for 2009

Attached please find below text and the annual report for 2008 as two separate
PDF files. 


Dampskibsselskabet NORDEN A/S
_______________________________________________________________________________


NASDAQ OMX Copenhagen A/S                                    Announcement no. 6
Nikolaj Plads 6                                                   10 March 2009
1067 Copenhagen K


Annual report for 2008 and outlook for 2009

The Board of Directors has today approved the annual report for 2008. The
annual report follows in full in attached PDF file and presents the following
highlights: 

Results for 2008:

Although below expectations, NORDEN's profit was the best to date. The net
profit for the year was up approximately 1% to USD 708 million or DKK 3,609
million. The return on average equity was 47%. 

The Tanker Department achieved its highest operating profit to date, whereas
the Dry Cargo fourth quarter earnings were heavily impacted by the dry cargo
market meltdown. NORDEN's total EBITDA therefore dropped by 6% to USD 506
million. 

Profits from the sale of vessels, etc. rose by 78% to USD 290 million,
contributing to an increase of 13% in NORDEN's operating profit (EBIT) to USD
773 million, corresponding to an EBIT margin of 18%. 

Cash and cash equivalents rose by USD 187 million to USD 807 million.

The Board of Directors proposes an ordinary dividend of DKK 13 per share (DKK
35). 

Outlook for 2009

At 1 March 2009, NORDEN had secured employment of 101% of the year's ship days
in Dry Cargo, whereas the coverage in Tankers was 35%. 

The economic crisis has caused significant uncertainty and affected customers
in both segments. Although the known capacity in Dry Cargo has been covered, it
is uncertain to what extent the Company's cargo programme and contracted T/C
income will actually be realised if the current very low market rates and
demand for key commodities prevail. The Tanker Department's market outlook is
also subject to significant uncertainty. The Company has allowed for this
uncertainty by indicating wider margins than normally for expected earnings. 

Expected EBITDA is USD 100-340 million (USD 100-300 million in Dry Cargo and
USD 20-50 million in Tankers). 

Expected profits from the sale of vessels are USD 25 million, and expected EBIT
is USD 85-325 million. 

NORDEN will be presenting the annual report at an information meeting today at
11:00 hours CET at the head office in Hellerup. In addition, a telephone
conference will be held at 15:30 hours. The presentations can be followed live
at www.ds-norden.com. Participants for the telephone conference must no later
than 15:25 hours CET call the telephone number +45 3271 4767 (Danish
participants) or telephone number +44 (0) 208 817 9301 or +1 718 354 1226
(international participants). 


                                     Kind regards,
                            Dampskibsselskabet NORDEN A/S

                       Mogens Hugo             Carsten Mortensen
                         Chairman               President & CEO


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

_______________________________________________________________________________

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