NORDEN adjusts expectations for 2008

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Dampskibsselskabet NORDEN A/S
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OMX Nordic Exchange Copenhagen A/S                          Announcement no. 36
Nikolaj Plads 6                                                  1 October 2008
1067 Copenhagen K 


NORDEN adjusts expectations for 2008

Dampskibsselskabet NORDEN A/S adjusts the expectations for 2008 to a net profit
of USD 800-880 million. The adjustment is primarily due to the plunging freight
rates in dry cargo in September, among other things caused by the financial
crisis and to some extent by negative fair value adjustments on hedging
instruments (IAS 39). On the other hand, the results in tankers continue to be
better than expected, and the expectations for tankers are adjusted upwards. 

At the same time, NORDEN has increased the coverage for 2009, now amounting to
65% in dry cargo in total and nearly 100% in the two segments which are
affected the most by the current market disturbance. The coverage has been made
at rates considerably above the current spot rates. 

The changed expectations for 2008 should be seen against the fact that NORDEN
on 20 August in the interim report for the half-year expected a net profit of
USD 950-1,030 million. At that time, NORDEN had 4,259 open ship days in dry
cargo in the rest of 2008, where the expected daily earnings have been reduced
by USD 30-35,000 compared to August. NORDEN has now reduced the number of open
ship days in dry cargo to approximately 1,600 in the rest of 2008. 

In contrast, expectations to the Tanker Department's EBITDA are adjusted
upwards with approximately USD 15 million as the department keeps benefiting
from a surprisingly strong market. 

Expectations in relation to profits from sale of vessels remain unchanged in
both segments. 

The fair value adjustment of certain hedging instruments (IAS 39) is expected
to negatively affect the net profit by USD -10 million. Previously, a positive
amount of USD 30 million was expected. The fluctuation of USD 40 million is
mainly a result of the changed bunker prices. 

The expected net profit of USD 800-880 million compared to USD 703 million in
2007 is satisfactory considering the difficult market conditions in dry cargo.
An expected equity of USD 1.8 billion, expected cash positions of USD 7-800
million end 2008 as well as revenue from already realised coverage provide
NORDEN with significant financial strength to both resist fluctuations in the
global economy and to take advantage of the opportunities that may arise. 

New guidance per 1 October (USD million):

                                    Dry cargo    Tankers     Total
EBITDA                              500-570      60-70       540-620
Profits from the sale of vessels    233          36          269
EBIT                                705-775      90-100      775-855
Fair value adjustment of
certain hedging instruments         -10          0           -10
Net profit                                                   800-880

Former guidance per 20 August (USD million):

                                    Dry cargo    Tankers     Total
EBITDA                              625-695      45-55       650-730
Profits from the sale of vessels    233          36          269
EBIT                                840-910      75-85       895-975
Fair value adjustment of
certain hedging instruments         30           0           30
Net profit                                                   950-1,030

Future coverage and capacity

Recently, NORDEN has entered into a number of contracts in dry cargo for 2009
and ahead at levels which are significantly higher than the current spot rates.
As a result, coverage of the known capacity in dry cargo in 2009 has increased
to 65% compared to 53% in August. Coverage is close to 100% in the two segments
which are most influenced by the market disturbance, i.e. the Capesize and
Panamax segments. In the less volatile segments, Handymax and Handysize, the
coverage is lower, but average expenses of only USD 13-16,000 per open ship day
in those segments make earnings fairly robust. 

The number of known ship days in dry cargo amounts to approximately 32,000 in
2009. 


                                   Kind regards,
                         Dampskibsselskabet NORDEN A/S

                                Carsten Mortensen
                                 President & CEO


Contact at tel. +45 3315 0451: Carsten Mortensen, President & CEO.


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