D/S Norden — Earnings Release 2016

May 4, 2016

Attached please find the full report as PDF file.

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                                                         Announcement no. 11
                                                                 4. maj 2016

Interim report – First quarter of 2016

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

-- Adjusted result for the period Q1 2016: USD -5 million.

(“Results for the period” adjusted for “Profits from the sale of vessels etc.”
and “Fair value adjustment of certain hedging instruments”) (Q1 2015: USD 27
million).

-- EBIT Q1 2016 USD -1 million (USD 30 million).

-- Tanker market as expected: Lower than last year, but continued good rates.

-- Tanker: Adjusted result for the period Q1: USD 15 million (USD 25 million)
corresponding to EBIT 16 million (USD 27 million).

-- Historically weak dry cargo market with minor improvements after the end of
the quarter.

-- Dry Cargo: Adjusted result for the period Q1: USD -20 million (USD 2
million) corresponding to EBIT USD -17 million (USD 3 million).

-- Positive cash flows from operating activities: USD 7 million (USD -3
million).

-- Average NORDEN TCE earnings:

Tanker: USD 17,799, which is on the same level as the market.

Dry Cargo: USD 6,418 corresponding to 37% above the market.

-- Ship values have dropped in both segments with a slightly upward trend in
dry cargo after the end of the quarter.

-- Expectations to the adjusted results for the year are maintained at USD -60
to 30 million.

CEO Jan Rindbo in comments:

“NORDEN’s tanker business still brings home reasonable results, which
contributes to cushion the effects of a historically poor quarter in the dry
cargo market. The dry cargo index the Baltic Dry Index reached a new low in
February, and despite a record number of scrappings of dry cargo vessels, this
could not make up for the many deliveries of new vessels. Based on the increase
in Chinese imports, the dry cargo market saw a slight improvement in March.
NORDEN is optimising its fleet, utilising its flexible business model and
chartering more vessels for single trips than before, in order to get maximum
value out of the markets”.

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 3271 1660, overseas participants please dial
in on +44 (0) 20 3427 1915 or +1 646 254 3388. 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, STRANDVEJEN 52, 2900 HELLERUP, CVR-NR. 67758919