NORDEN sells 4 Handysize vessels

Attached please find below text as PDF file.


Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S                                   Announcement no. 16 
6, Nikolaj Plads                                                    11 May 2010 
1067 Copenhagen K 


NORDEN sells 4 Handysize vessels 

NORDEN has agreed to sell 4 Handysize bulk carriers to Russian interests. The
vessels will be delivered to the new owners according to plan during the second
and third quarters of 2010. 

The 4 sister vessels have a capacity of 32,700 dwt. and were built by the
Chinese shipyard JNS. The shipyard delivered the first 2 vessels - NORD
SHANGHAI and NORD MUMBAI - to NORDEN during the third quarter of 2009, while
the remaining two vessels are newbuildings expected to be delivered from the
shipyard in May or June 2010. 

The sales price after commission etc. is approx. USD 110 million. The price
exceeds the most recent independent broker estimates. The sale generates a
small profit compared to the carrying amount and cost. However, the profit is
offset by loss of expected operating income after the sale of the vessels. As a
result, the outlook for 2010 remains unchanged after the transaction. NORDEN
publishes the interim report for the first quarter including outlook for 2010
on 19 May. 

”The sale shows that we are optimising the Handysize portfolio. We have made a
good deal and we release capital that can be reinvested in newbuildings with
other specifications. We continue to build the Handysize portfolio based on our
substantial order book for this type of vessel,” says CEO Carsten Mortensen. 

After the sale NORDEN still has 24 Handysize vessels in order for delivery in
2010-2012: 6 newbuildings from JNS, 7 newbuildings from Korean shipyards and 11
long-term chartered vessels from especially Japanese shipyards. By the end of
the first quarter 2010, NORDEN operated 30 Handysize vessels. 


                                Kind regards, 
                        Dampskibsselskabet NORDEN A/S 

                              Carsten Mortensen 
                               President & CEO 


Contact at +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