NORDEN purchases 3 product tankers

Attached please find below text as PDF file.


Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S                                    Announcement no. 1
Nikolaj Plads 6                                                 20 January 2010
1067 Copenhagen K


NORDEN purchases 3 product tankers

NORDEN has agreed to purchase 3 modern MR product tankers at a total price of
approximately USD 79 million (approximately DKK 410 million). The vessels are
expected to be delivered from the current Turkish owner to NORDEN during
March/April 2010. 

The 3 vessels are:
• M/T Gan-Sabre of 51,228 dwt from January 2008 - will be renamed to NORD SOUND
• M/T Gan-Shield of 51,213 dwt from January 2007 - will be renamed to NORD SEA
• M/T Gan-Spirit of 51,202 dwt from October 2007 - will be renamed to NORD
  STRAIT 

The 3 vessels were built at STX Shipbuilding in Korea and have a capacity of
approximately 53,500 cubic metres. 

NORDEN estimates that the current asset prices in the product tanker market
make it possible to make investments which will generate favourable returns as
the freight rates are gradually normalising. The Company therefore analyses the
possibilities of expanding the tanker fleet on an ongoing basis through
purchase of secondhand tonnage, new long-term charters or purchase of nearly
finished newbuildings from the yards. New initiatives depend on a complete
assessment of tonnage price, quality and availability. 

After delivery of the 3 vessels, NORDEN's tanker fleet is expected to amount to
31 vessels, of which 12 are owned vessels. The order book in Tankers totals 7
product tankers - 4 vessels on long-term charter from Japanese yard for
delivery in 2010, 2 owned newbuildings from Chinese yard for delivery in 2011
and 1 vessel on long-term charter from Japanese yard for delivery in 2012. 

The 3 new vessels will sail under Singapore flag, and like all NORDEN's product
tankers, they will be operated by the 50% owned Norient Product Pool. After
delivery of the 3 vessels, the Pool is expected to operate 63 vessels. 

                                  Kind regards,
                          Dampskibsselskabet NORDEN A/S

                                Carsten Mortensen
                                 President & CEO


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

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                          Dampskibsselskabet NORDEN A/S
                                 52, Strandvejen
                                DK-2900 HELLERUP
                                CVR no. 67758919
                                www.ds-norden.com