Interim report - third quarter 2011

Attached please find the full report as PDF file.

Dampskibsselskabet NORDEN A/S

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Announcement no. 35

15 November 2011

Interim report – third quarter 2011

Today, the Board of Directors approved the interim report for the third quarter of 2011. The full report is attached as PDF file and contains the following highlights:

Highlights:

NORDEN revises its full-year estimates based on a performance slightly stronger than expected year-to-date and the prospect of a solid fourth quarter.

NORDEN’s operating earnings (EBITDA) in the third quarter 2011 were USD 36 million, a USD 14 million improvement on the third quarter 2010.

EBITDA in Dry Cargo was USD 35 million, up from USD 27 million in the same period last year. T/C income per ship day outperformed market rates by 25%, mainly due to high coverage at sound rate levels. Tankers showed a good operational performance in very weak markets, and EBITDA for the quarter was USD 3 million against a loss of USD 2 million in the third quarter 2010.

NORDEN’s EBITDA year-to-date was USD 124 million. Excluding non-recurring income, EBITDA was down 4% from last year due to poorer market conditions.

Following higher depreciation due to fleet growth, profit from operations (EBIT) for the third quarter 2011 was USD 15 million (USD 45 million in the third quarter 2010, of which USD 32 million was related to profit from sale of vessels). Excluding profit from sale of vessels, EBIT was up 12%.

Theoretical Net Asset Value (NAV) was DKK 249 per share against DKK 246 per share at the end of the second quarter. The increase is due to a higher USD/DKK exchange rate which more than offsets the lower market value of the fleet and charter parties with purchase option.

Coverage in the remainder of 2011 is 104% in Dry Cargo and 42% in Tankers. Coverage for 2012 has increased to 57% in Dry Cargo and 14% in Tankers.

NORDEN revises its full-year estimates to an EBITDA of USD 160-180 million (previously USD 135-175 million) and an EBIT of USD 80-100 million (previously USD 55-95 million).

President and CEO Carsten Mortensen says: "Both Dry Cargo and Tankers improved their operating earnings in the quarter, and Dry Cargo continues to gain market shares. Given the macro-economic uncertainties and the current depressed tanker market conditions, I am pleased that we can upgrade our full-year estimates. And as the markets continue to look challenging in 2012, I am also pleased that we have been able to increase future coverage at satisfactory margins."

A telephone conference will be held today at 15:30 hours (CET) where CEO Carsten Mortensen, CFO Michael Tønnes Jørgensen and Senior Vice President Martin Badsted will comment on the report. 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 is also available.

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

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Dampskibsselskabet NORDEN A/S

52, Strandvejen

DK-2900 Hellerup

CVR no. 67758919

www.ds-norden.com