NORDEN RAISES EXPECTATIONS FOR THE FULL-YEAR RESULT 2022

ANNOUNCEMENT NO. 203 - 6 OCTOBER 2022

NORDEN raises its expectations for the full-year result, and now expects profit for 2022 in the range of USD 650-730 million (approximately DKK 4,600-5,200 million), up from USD 560-640 million.

The increase reflects strong performance in both the Assets & Logistics and Freight Services & Trading business units. During Q3, NORDEN has realised asset trading profits in Assets & Logistics having sold 2 product tankers and 3 dry cargo vessels. Freight Services & Trading benefits from a high exposure in tankers while also generating additional value from dry cargo activities. The exceptionally strong product tanker spot rates are expected to remain at very high levels for the remainder of 2022 leading into 2023.

”NORDENs agile business model continues to benefit us in volatile markets, where we are capturing strong values across the dry cargo and tanker segments through our active trading approach”, says Jan Rindbo, CEO of NORDEN.

Kind regards,

Dampskibsselskabet NORDEN A/S

Jan Rindbo

CEO

For further information:

Martin Badsted, CFO, tel.: +45 33 42 05 26