NORDEN sells NORD FIGHTER and increases profit guidance

17 Apr 2008

The Group has agreed to sell the Handymax bulkcarrier NORD FIGHTER. The gross sales price amounts to USD 72.75 million.

NORD FIGHTER, 52,000 dwt, was built in 2004 and is expected to be delivered to the new owner during the third quarter of 2008, when the profit from the sale of approximately USD 53 million after tax will be recognised.

In the beginning of April, the Company had an active fleet of 212 vessels, with 90 more vessels due for future delivery.

After offsetting budgeted operating profit from the vessel, the sale will strengthen the Group's earnings (EBIT) in 2008 by approximately USD 47 million.

NORDEN's expectations for 2008 are hereafter revised upwards to a Group EBIT in the range of USD 880-960 million, including profits from the sale of vessels of USD 265 million.

For this reason, NORDEN's adjusted expectations for the profit after tax for 2008 are in the range of USD 870-950 million, including a negative fair value adjustment of certain hedging instruments of USD 21 million. See previous expectations. NORDEN