NORDEN Raises Expectations for the Full-Year Result 2022

ANNOUNCEMENT NO. 274 - 23 DECEMBER 2022

NORDEN raises its expectations for the full-year result, and now expects profit for 2022 in the range of USD 730-780 million (approximately DKK 5.1-5.5 billion), up from USD 650-730 million.

The increase mainly reflects stronger than expected operational performance in the Freight Services & Trading business unit on both dry cargo and tanker vessels. Expectations have also increased in Assets & Logistics, where NORDEN has realised additional sublease and sales gains from its portfolio of owned and leased vessels.

”NORDEN continues to capture value in a weakened dry cargo market and a firm product tanker market through strong operational performance in both segments. Furthermore, our asset trading approach enables us to realise additional market values from our fleet of owned and leased vessels”, says Jan Rindbo, CEO of NORDEN.

Kind regards,

Dampskibsselskabet NORDEN A/S

Jan Rindbo

CEO

For further information:

Thomas France, Investor Communications Partner, tel.: +45 3273 0629, e-mail: tfr@norden.com