NORDEN sells vessel and increases profit guidance
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Dampskibsselskabet ”NORDEN” A/S
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The Copenhagen Stock Exchange Announcement No. 25
Nikolaj Plads 6 28 June 2007
1067 Copenhagen K Page 1 of 1
NORDEN sells vessel and increases profit guidance
The Group has agreed to sell the Handymax bulkcarrier NORD MARINER. The price
amounts to USD 52.7 million. The vessel has been sold including a charter party
of USD 20,250 per day, which will expire in the third quarter of 2008.
NORD MARINER, which is 53,500 dwt, was built in 2006, and it is expected that
the vessel will be delivered to the new owner in the third quarter of 2007.
The sale above will strengthen the Group's earnings (EBIT) in 2007 by USD 20.3
million. NORDEN's adjusted expectations for 2007 will hereafter be an EBIT for
the Group of USD 450 - 480 million, including profit of USD 141 million from
the sale of vessels.
This is an increase in the profit guidance relative to the announced
expectations in the interim report for the first quarter, in which the Company
expected an EBIT for the Group of USD 430 - 460 million, including profit of
USD 120 million from the sale of vessels.
Buying and selling vessels is an integral part of NORDEN's business model
according to which sale of vessels is used to stabilise earnings and cash
flows.
Kind regards,
Dampskibsselskabet ”NORDEN” A/S
Jens Fehrn-Christensen
Executive Vice President & CFO
Contact at tel. +45 3315 0451: Vice President Martin Badsted.
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Dampskibsselskabet ”NORDEN” A/S
49, Amaliegade
DK-1256 COPENHAGEN K
www.ds-norden.com
