Attached please find below text as PDF file.
Dampskibsselskabet ”NORDEN” A/S
_______________________________________________________________________________
OMX Nordic Exchange Copenhagen A/S Announcement no. 12
Nikolaj Plads 6 27 March 2008
1067 Copenhagen K Page 1 of 1
NORDEN establishes two new pools in dry cargo
Dampskibsselskabet ”NORDEN” A/S (NORDEN) and Interorient Navigation Company
Ltd. (INTERORIENT) are establishing two new pools to commercially manage the
two companies' fleets of Handysize and Post-Panamax bulkcarriers. It is
expected that within a short number of years the two pools will become among
the leading suppliers globally within the two segments.
The new Norient Handy Bulker Pool will commence operations in the spring of
2009 with approximately 30 Handysize vessels, all from NORDEN. However, the
pool's capacity will grow rapidly, as both NORDEN and INTERORIENT have
significant newbuilding and contracting activities within the Handysize
segment. In the course of 2011, the new pool will expand to include 60-70
units, all in the modern 28,000-37,000 dwt design.
The new Norient Post-Panamax Pool will commence activities in late 2009 and
will in the course of 2012 manage at least 16 units, hereof 12 owned
newbuildings from the two partners in the pool. The vessels are in the range of
90,000-130,000 dwt, and the vessel type Post-Panamax is expected to be in
particular demand for transports of coal and iron ore, among other things, as
the Post-Panamax vessels have greater loading capacity than traditional Panamax
vessels.
The collaboration with INTERORIENT offers NORDEN a faster route to critical
mass within the Handysize and Post-Panamax segments, which the Company already
has within the Handymax and Panamax segments where NORDEN is among the market
leaders globally. By pooling together within the two segments, both partners
are provided with enhanced market coverage, are able to offer the customers
better and more flexible services and to realize important economies of scale.
The establishment of the two pools does not change NORDEN's expectations for
2008. NORDEN continues to expect an operating profit (EBIT) in the range of USD
835-915 million and a profit after tax in the range of USD 825-905 million.
In addition, please see attached press release from the two partners (2 pages).
Kind regards,
Dampskibsselskabet ”NORDEN” A/S
Carsten Mortensen
President & CEO
Contact at tel. +45 3315 0451: Jacob Melgaard, Executive Vice President, and
Martin Badsted, Senior Vice President.
_______________________________________________________________________________
Dampskibsselskabet ”NORDEN” A/S
49, Amaliegade
DK-1256 COPENHAGEN K
www.ds-norden.com
