NORDEN reports net profit of USD 243 mill. and pays interim dividend to the shareholders

ANNOUNCEMENT NO. 229 - 3 NOVEMBER 2022

For Q3 2022 NORDEN reports a profit of USD 243 million (approx. DKK 1.9 bill.). Cash flow from operating activities amounts to approx. USD 399 mill. (approx. DKK 3 bill.). Return on equity at 64% at end of Q3.

NORDEN CEO, Jan Rindbo, comments:

“NORDEN’s third quarter net profit of USD 243 million and 64% return on equity is a testimony to our unique trading model. During the quarter, NORDEN generated high dry cargo earnings in a weakening market. In addition, our large exposure to tankers enabled NORDEN to capitalise on surging tanker rates. As we head towards 2023, we expect to continue to benefit from our large exposure to tankers while profiting from a fully covered dry cargo portfolio. This positions NORDEN to continue to deliver strong returns to our shareholders”.

The board of directors has reviewed the company’s capital structure and approved the payment of interim dividends, see article 16 in the company’s Articles of Association. The interim dividend amounts to DKK 30 per share of DKK 1, in total DKK 1,110,000,000 (approx. USD 148 mill.) and is in line with NORDEN’s dividend policy of returning a minimum of 50% of the annual profit.

Dividends will be paid through VP Securities based on shareholdings registered in VP Securities on 8 November 2022 after close of trading on Nasdaq Copenhagen. In the systems of Nasdaq Copenhagen, NORDEN shares will trade cum interim dividends up to and including the trading day of 4 November 2022. Shares traded in the systems of Nasdaq Copenhagen from and including the trading day of 7 November 2022 will be traded ex interim dividends. Dividends will expectedly be available in the shareholders’ accounts on 9 November 2022.

Kind regards,

Dampskibsselskabet NORDEN A/S

Klaus Nyborg

Chairman

For further information:

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