D/S Norden — Earnings Release 2016

Nov 9, 2016

Attached please find the full report as PDF file.

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                                                         Announcement no. 22

                                                             9 November 2016

Interim report – Third quarter of 2016

Today, the Board of Directors approved the interim report for the third quarter
of 2016. The full report is attached as PDF file and contains the following
highlights:

-- Adjusted result for the period Q3 2016: USD -12 million (Q3 2015: USD 18
million).
-- EBIT Q3 2016: USD -13 million (USD 21 million), of which vessel sales make
up USD -6 million.
-- Dry Cargo: Increasing imports to China sustain a generally weak market.
Adjusted result for the period Q3: USD -8 million (USD -14 million).
Earnings 31% above market benchmark.
-- Tankers: Continued deterioration of the market. Adjusted result for the
period Q3: USD -4 million (USD 32 million). Earnings 7% above benchmark.
-- Cash flows from operating activities Q3: USD -29 million (USD -3 million).
-- Cash and securities: USD 294 million (USD 359 million). Undrawn credit
facilities of USD 285 million (USD 345 million).
-- Total net commitments decreased by USD 156 million to USD 752 million.
-- Ship values: Slightly upward trend in Dry Cargo over the quarter – drop in
the Tanker segment. Total decrease of 2%.
-- In line with the strategy, operating activities will be increased
significantly over the coming years.
-- Expectations for the Group’s adjusted results for the year are maintained
at USD -60 to -20 million.

CEO Jan Rindbo in comment:

”Overall, the third quarter developed as expected and finishes, despite our
efforts, with an unsatisfactory result as a consequence of market developments.
Our early focus on increasing coverage in Tankers combined with the sale of
tanker vessels have reduced our exposure to a severely hit tanker market, while
in Dry Cargo we are preoccupied with getting the best out of the very poor
market. In this connection, the ability to combine vessels with cargoes is a
crucial element, and in line with the strategy Focus & Simplicity the Company
will utilise its position in the market over the coming years to significantly
increase its operating activities in Dry Cargo through increased use of
short-term chartered vessels.”

A telephone conference will be held today at 3:30 p.m. (CET), where CEO Jan
Rindbo and CFO Martin Badsted will comment on the report. It is requested that
all participants have joined the meeting by latest 3:25 p.m. (CET) – Danish
participants please dial in on +45 3848 7513, overseas participants please dial
in on +44 (0) 20 3427 1911 or +1 212 444 0412. The telephone conference will be
shown live at www.ds-norden.com, where the accompanying presentation will also
be available.

For further information: CEO Jan Rindbo, tel. +45 3315 0451.

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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO.
                                67758919