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Dampskibsselskabet NORDEN A/S, Interim report - first quarter 2009

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Attached please find the full report as PDF file.


Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S                                   Announcement no. 23
Nikolaj Plads 6                                                     26 May 2009
DK-1067 Copenhagen K


Interim report - first quarter 2009

First quarter - highlights

The profit for the first quarter of 2009 was USD 73 million corresponding to
DKK 415 million. The result includes positive fair value adjustments of certain
hedging instruments of USD 55 million. 

The total EBITDA was USD 15 million. Both the Dry Cargo Department and the
Tanker Department achieved an EBITDA of approximately USD 9 million. 

The first three months of the year have been an adjustment period in the Dry
Cargo Department when NORDEN has taken advantage of the flexibility of its
business model to adjust the capacity to the changed market conditions and has
made settlements in a number of cargo contracts. 

In the first quarter, the Company's operations generated a positive cash flow
of USD 61 million. Total cash and cash equivalents (including securities)
increased to USD 875 million. 

The theoretical Net Asset Value (including purchase options) is estimated to be
DKK 292 per share at the end of the quarter. 

In the Dry Cargo Department, the coverage for the rest of 2009 and for 2010 is
98% and 40%, respectively, at 1 April whereas the coverage in the Tanker
Department is 46% and 38%, respectively. 

The expectations for 2009 have not changed since the guidance on 12 May: EBIT
is expected to be USD 110-160 million, including profit from sale of vessels of
approximately USD 55 million, and EBITDA is expected to be USD 100-150 million.
The Dry Cargo Department expects an EBITDA of USD 110-150 million, whereas the
Tanker Department's EBITDA is expected to be USD 0-20 million. The uncertainty
regarding expectations is still more significant than usual because of the
world financial crisis. 


                 Mogens Hugo                    Carsten Mortensen
            Chairman of the Board                President & CEO


Today at 11.00 hours (CET), NORDEN will hold an information meeting at 52,
Strandvejen, DK-2900 Hellerup, where CEO Carsten Mortensen, CFO Michael Tønnes
Jørgensen and Senior Vice President Martin Badsted will comment on the report
for the first quarter and the expectations for the whole year. 

Furthermore, a telephone conference will be held at 15.30 hours (CET). 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 www.ds-norden.com where the
accompanying presentation also is available. 

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

_______________________________________________________________________________

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

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