Updated shareholders' agreement

Attached please find below text as PDF file.


Dampskibsselskabet NORDEN A/S
_______________________________________________________________________________


NASDAQ OMX Copenhagen A/S                                   Announcement no. 10
6, Nikolaj Plads                                                  25 March 2010
1067 Copenhagen K


Updated shareholders' agreement

Dampskibsselskabet NORDEN A/S (”NORDEN”) has received below notice from the
Company's two major shareholders, A/S Motortramp and POLYSHIPPING AS: 

”Due to a structural change in the group Rasmussengruppen, A/S Motortramp and
Rasmussengruppen A/S' subsidiary, POLYSHIPPING AS, have updated their
shareholders' agreement: 

(1) The shareholders' agreement regulates each of the parties' shareholding of
nominally 4,869,640 shares of DKK 1 in NORDEN (the “Restricted Shares”). Either
party is therefore entitled freely to dispose of any other shares in excess of
the Restricted Shares, including purchase of additional shares. 

(2) Until 1 January 2011, either party shall not transfer any of the Restricted
Shares to a third party, except from intercompany transfers. 

(3) After 1 January 2011, either party shall not transfer the Restricted Shares
without first offering the shares for sale to the other party (right of first
refusal), and, if the other party does not accept the offer, to ensure 
the other party the opportunity to sell its shares at equal or better terms
(tag-along right). The right of first refusal and the tag-along right are
applicable until termination of the shareholders' agreement, but are not
applicable in terms of intercompany transfers. 

(4) After 10 October 2014, either party may terminate the shareholders'
agreement by 1 year's notice. The party terminating the shareholders' agreement
must notify the stock exchange thereof at the time when the shareholders'
agreement ceases to be of any force or effect. 

The terms of the shareholders' agreement do not in any essential way derogate
from the terms applicable in the former shareholders' agreement between the
shareholders and as described in NORDEN's announcement no. 50/2004 and no.
41/2008.” 

A/S Motortramp nominally owns 11,851,240 shares in NORDEN (corresponding to
approximately 26.6% of the Company's share capital). POLYSHIPPING AS nominally
owns 4,869,640 shares in NORDEN (corresponding to approximately 10.9% of the
Company's share capital). 

                                   Kind regards,
                           Dampskibsselskabet NORDEN A/S

                                 Carsten Mortensen
                                  President & CEO


Contact at tel. +45 3315 0451: Martin Badsted, Senior Vice President, and Hans
Bøving, Head of Corporate Communications. 

_______________________________________________________________________________

                           Dampskibsselskabet NORDEN A/S
                                 52, Strandvejen
                                DK-2900 HELLERUP
                                CVR no. 67758919
                                www.ds-norden.com