NORDENNORDEN

1st HALFRESULTS 2010

THE PREFERRED PARTNER IN GLOBAL TRAMP

1Dampskibsselskabet NORDEN A/S | 52 Strandvejen | DK-2900 Hellerup | www.ds-norden.com

SHIPPING. UNIQUE PEOPLE. OPEN MINDED TEAM SPIRIT. NUMBER ONE.Copenhagen, 17 August 2010

TODAY’S AGENDA

H1 2010

Group highlightsGroup highlights

Financial highlights

Major transactionsj

Business review and market outlook

Dry Cargo

Tanker

Full year expectations Full-year expectations

Q & A Session

2

H1 2010 HIGHLIGHTS

Group financials Key messages

• Group EBITDA increased by more than USD EBITDA

p y25% compared to last quarter

• NORDEN was well protected against spot rate decline during Q2 in Dry Cargo

USDm EBITDA

• Product tanker spot rates remained steady, but on a low level

• Theoretical NAV improved to DKK 346 Theoretical NAV improved to DKK 346 per share

• Continue to be on the lookout for additional tanker assets53

79

100

• Full year EBITDA guidance increased to USD 240 270m

29 28

53

2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 USD 240-270m

• Full year EBIT guidance increased to USD 225-255m

2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2

3

H1 2010 KEY FINANCIALS

Gearing reduced furtherContinued EBITDA improvement

Strong cash position – USDm 623 Dry Cargo EBITDA increased for in net interest bearing assets

Almost 60% of T/C obligations now covered

y gthe sixth quarter in a row

Earnings positively affected by booking T/C cancellation

Outstanding newbuildinginstallments significantly reduced

Gearing reduced to 25%

g

Positive EBITDA in Tanker

USDm Q2 2010

Q1 2010

Q2 2009

EBITDA 100 79 27% 29

Dry Cargo 101 81 25% 32

USDm Q2 2010

Q2 2009

Adj Net Interest Bearing 620 676y Ca go 0 8 5% 3

Tanker 1 1 0% -1

Net profit 83 63 32% 60

Assets* 620 676

T/C obligations** -2,015 -2,570

New building installments less proceeds from vessel -260 -603p o d osales**

60 603

Revenue from coverage** 1,187 1,318

Net commitments -468 -1,179Theoretical NAV: DKK 346 per share

No impairment of fleet values

4

* Adjusted for prepayments on vessel sales and currency swaps. ** Present values

No impairment of fleet values

MAJOR TRANSACTIONS

Concluded several COAs with

TankerDry Cargo

2 Handysize tanker vessels industrial clients ~ 2,500 vessel days in total + 3,000 after the quarter

ybought in April delivered to NORDEN during July

5 x 2-year T/C to ShellCancellation of T/C on 1 Capesizevessel

Sold 4 Handysize vessels

y

Took delivery of 3 vessels to active core fleet

y

Restructuring of Handysizenewbuilding orders: 8 vessels have been converted to 9 and reduction of total purchase price by 8 million USD

Net delivery of 4 vessels to active core fleet

Declared POP on 2 vessels after the end of the quarter

5

DRY CARGO – SPOT MARKET DEVELOPMENT

Strong coal and grain season lead to solid rates in Panamax and Handymax Downturn hit Capesizes hardThe smaller segments continue to perform wellThe smaller segments continue to perform well

70.000

T/C Earnings (USD per day)

50.000

60.000

30.000

40.000

10.000

20.000

-

jan feb mar apr maj jun jul aug

6Sources: RS Platou, Baltic Exchange

Capesize T/C Panamax T/C Handymax T/C

DRY CARGO MARKET

Chinese commodity import momentum seems to be slowingQ2 iron ore import down 7% Y/Y - coal imports down 18% from previous quarterIncreasing congestion especially in Australian coal ports

Chinese Iron Ore Chinese Coal Imports

60

70

Chinese Iron Ore Imports (m tons)

14

16

18

Chinese Coal Imports (m tons)

50

60

10

12

14

30

40

6

8

20

g-0

7

b-0

8

g-0

8

b-0

9

g-0

9

b-1

0

2

4

g-0

7

b-0

8

g-0

8

b-0

9

g-0

9

b-1

0

7Sources: China Customs, IISI, Bloomberg

Aug

Fe Aug

Fe Aug

Fe Au Fe Au Fe Au Fe

DRY CARGO MARKET

Despite significant shortfalls, actual deliveries continue at high pace36 mill. dwt delivered in H1 – same expected in H2Net fleet growth in small segments much smaller, supporting rates

PctMill dwt D B lk D li i

40%

45%

50%

25

30

35

PctMill dwt Dry Bulk Deliveries

20%

25%

30%

35%

15

20

25

0%

5%

10%

15%

0

5

10

0%0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2008 2009 2010

8Source: RS Platou August 2010

Planned Actual Non delivery (RHA)

TANKER MARKET

Oil demand forecast are driven by Non OECD, mainly ChinaRefinery economics is getting better and output is boosted

90 W ld Oil D d

86 6 86 8

87,6 87,7 88,1 88,0

87

88

89

90 World Oil Demand(mb/d)

84,3 83,9

85,1 85,6

86,0 86,6 86,5

86,8

85

86

87

83,9

82

83

84

80

81

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2009 2010 2011

9Sources: IEA Oil Market Report July 2010, EIA

2009 2010 2011

TANKER MARKET

The peak of fleet growth is behind us in NORDEN’s main segmentsApproximately 10% of the Handysize and MR fleets are single hull

Fleet growth (Pct)

789

Fleet growth (Pct)

3456

0123

-2-10

2007 2008 2009 2010 2011 2012 2013

10Source: MSI Q3 2010, Clarksons

10-70k dwt fleet Total 10+k dwt fleet

REVISED 2010 FULL YEAR GUIDANCE

Key assumptionsRevised guidance

Guidance based on current capacityUSDm Dry Cargo Tanker Total Guidance based on current capacityand coverage

No significant new counterparty issues

USDm

EBITDA

Dry Cargo

255-275

Tanker

-5-5

Total

240-270

Only known vessel sales and purchases are included in guidance

Profit from vessel sales

29 + 5 in JV

EBIT 225-255

CAPEX 270-300

11

FORWARD LOOKING STATEMENTS

This presentation contains certain forward-looking statements reflectingthe management’s present judgment of future events and financial

results.

Statements relating to the remainder of 2010 and subsequent years aresubject to uncertainty, and NORDEN’s actual results may therefore differfrom the projections. Factors that may cause such variance include, but p j y ,are not limited to, changes in macro-economic and political conditions,

particularly in the Company’s principal markets; changes to the Company’s rate assumptions and operating costs; volatility in rates and

tonnage prices; regulatory changes; any disruptions to traffic and tonnage prices; regulatory changes; any disruptions to traffic and operations as a result of external events, etc.

The presentation should not be interpreted as a recommendation to tradeshares in Dampskibsselskabet NORDEN A/S.

12

Q & A

Carsten Mortensen, CEO

Dampskibsselskabet NORDEN A/S

Michael Tønnes Jørgensen, CFO

NORDEN A/S

52 Strandvejen52 StrandvejenDK-2900 HellerupDenmark

T: +45 3315 0451

Martin Badsted, SVP

T: +45 3315 0451F: +45 3315 6199www.ds-norden.com

13

THANK YOU FOR YOUR ATTENTION

Q&A Session

14