D/S Norden — M&A Activity 2011

Jan 24, 2011

Attached please find below text as PDF file.

Dampskibsselskabet NORDEN A/S

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Announcement no. 2

24 January 2011

Page 1 of 1

NORDEN enters into conditional agreement for the sale of up to 6 Handysize
vessels

NORDEN has entered into an agreement for the sale of up to 6 Handysize dry
cargo vessels to Greek interests. Until 30 March 2011, the agreement remains
subject to the buyer's final Board of Directors approval.

The agreement comprises 6 newly built sister vessels of 32,700 dwt from a
Chinese shipyard. The vessels will be delivered from the yard during 2011 (5
units) and 2012 (1 unit).

The parties have agreed not to publish the sales price. If the sale is effected
it will not have any significant impact on the results for 2011.

”The sale indicates that we continue to optimise the Handysize portfolio. With
the sale of 4 vessels announced last May, this agreement will further reduce
tied-up capital and risks in the short term. However, in the long term, we
still believe in an attractive Handysize market, and we therefore decided to
contract 4 newbuildings in December for later delivery,” says CEO Carsten
Mortensen.

If all 6 units are sold, 13 Handysize vessels will still be delivered to the
core fleet in 2011-2013: 10 owned newbuildings from Korean, Vietnamese and
Japanese shipyards as well as 3 long-term chartered vessels mainly from
Japanese shipyards. At 31 December 2010, NORDEN's active fleet consisted of 19
Handysize vessels.

                              Kind regards,


                      Dampskibsselskabet NORDEN A/S








                            Carsten Mortensen


                            President & CEO

Contact at tel. +45 3315 0451: Senior Vice President Martin Badsted.

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Dampskibsselskabet NORDEN A/S

52, Strandvejen

DK-2900 HELLERUP

CVR no. 67758919

www.ds-norden.com