D/S Norden — Earnings Release 2016

Aug 17, 2016

Attached please find the full report as PDF file.

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                                                         Announcement no. 19

                                                              17 August 2016

Interim report – Second quarter and first half-year of 2016

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

• Adjusted result for the period Q2 2016: USD -4 million (Q2 2015: USD 29
million). H1 2016: USD -9 million.

• EBIT Q2 2016: USD -34 million (USD 36 million), of which vessel sales make up
USD -34 million.

• Minor improvements in a still weak dry cargo market driven by an increase in
Chinese imports of especially iron ore and coal. Adjusted result for the period
Q2: USD -11 million (USD 4 million).

• Tanker market weaker than expected. Adjusted result for the period Q2: USD 7
million (USD 25 million).

• Cash flows from operating activities Q2: USD -16 million (USD 65 million).

• Cash and securities: USD 345 million (USD 340 million).

• Average NORDEN TCE earnings still above benchmark: Dry Cargo: +31% and
Tankers: +14%.

• Ship values: Slightly upward trend in Dry Cargo over the quarter – drop in
the tanker segment. Total decrease of 3%.

• Expectations for the adjusted results for the year are narrowed within the
guidance previously announced to USD -60 to -20 million.

CEO Jan Rindbo in comment:

”NORDEN maintains its focus in Dry Cargo on the vessel types Supramax and
Panamax. We have sold all our Capesize and Post-Panamax vessels, disposed of 4
Handysize vessels and in return bought 1 and long-term chartered 3 Supramax
vessels. At the same time, we have further increased our short-term chartering
of dry cargo vessels and adjusted our exposure to a tanker market where the
rates, earlier than expected, have dropped significantly. Together with
NORDEN’s cost focus, we are therefore well prepared for a dry cargo market
which, despite slight improvements in the second quarter, still looks
challenging and a tanker market which is expected to offer weaker rates in the
second half-year compared to the second quarter. ”

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 0503 or +1 646 254 3365. 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