Interim report first half-year 2010

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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. 20
Nikolaj Plads 6                                                  17 August 2010
1067 Copenhagen K


Interim report - first half-year 2010

Today, the Board of Directors approved the interim report for the first
half-year of 2010. The full report is attached as PDF file and contains the
following highlights: 

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| Key figures and ratios (USDm)     | Highlights:                              |
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|            |  Q2 2010 |   H1 2010 |                                          |
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| EBITDA     |      100 |       179 | In the second quarter, NORDEN's          |
| Group      |          |           | operating profit (EBITDA) increased by   |
|            |          |           | 246% to USD 100 million. This includes   |
|            |          |           | compensation of USD 41 million for       |
|            |          |           | cancellation of a charter party. The     |
|            |          |           | operating profit for the first half-year |
|            |          |           | was USD 179 million against USD 44       |
|            |          |           | million in the first half-year of 2009.  |
|            |          |           |                                          |
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| EBITDA     |      101 |       182 | The Company expanded its activities in   |
| Dry Cargo  |        1 |         2 | Dry Cargo, and with high coverage at     |
| Tankers    |          |           | good rates, the Dry Cargo Department     |
|            |          |           | increased earnings for the sixth         |
|            |          |           | consecutive quarter even though the      |
|            |          |           | market gradually weakened. In Tankers,   |
|            |          |           | revenue from coverage contributed to a   |
|            |          |           | result close to zero in a continued weak |
|            |          |           | market.                                  |
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| EBIT       |       86 |       155 | The primary operating profit (EBIT)      |
| Group      |          |           | increased by 91% to USD 86 million. The  |
|            |          |           | net profit was USD 83 million after fair |
|            |          |           | value adjustments of certain hedging     |
|            |          |           | instruments of USD 2 million (USD 12     |
|            |          |           | million).                                |
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| Theoretical NAV       |           | Theoretical Net Asset Value was DKK 346  |
| DKK per share     346 |           | per share against DKK 303 at the end of  |
|                       |           | the first quarter. The increase is due   |
|                       |           | to a larger equity, increased market     |
|                       |           | values of vessels and newbuildings and   |
|                       |           | an increasing USD rate.                  |
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| Coverage 2010         |           | A number of new COAs and chartering out  |
| Dry Cargo         85% |           | of vessels increased coverage in Dry     |
| Tankers           51% |           | Cargo, which was 85% for 2010 and 59%    |
|                       |           | for 2011 at mid-August. In Tankers,      |
|                       |           | coverage was increased to 51% for 2010   |
|                       |           | and 31% for 2011.                        |
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| Outlook 2010          |           | Based on the good results in the first   |
| EBITDA        240-270 |           | half-year and high coverage, NORDEN      |
| EBIT          225-255 |           | raises its expectations to an EBITDA of  |
|                       |           | USD 240-270 million (previously 200-250  |
|                       |           | million) and an EBIT of USD 225-255      |
|                       |           | million (previously 185-235 million).    |
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|                                   | President and CEO Carsten Mortensen says |
|                                   | in a comment on the report: ”The solid   |
|                                   | operating profit and the new upward      |
|                                   | adjustment confirm that we have put      |
|                                   | NORDEN back on the growth track after    |
|                                   | last year's adjustments of the business. |
|                                   | The Company is well prepared to handle   |
|                                   | the challenges and opportunities that    |
|                                   | may arise in the dry cargo and tanker    |
|                                   | market in the short term”.               |
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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 the website 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