Cost adjustments at NORDEN

13 Jan 2009

NORDEN is today informing the employees that the Company contemplates carrying out collective redundancies among the shore-based staff. The restructuring is expected to entail the redundancy of 37 out of 248 employees, while 9 employees are offered a different position with the Company. The Company's 424 sea-based employees and officers will not be affected by the restructuring.

NORDEN has invited the employees to negotiate the planned downsizing, and the negotiation is expected to be concluded without delay.

The planned restructuring is due to the crisis in the dry cargo market. Since the crisis broke out, NORDEN has reduced its active dry cargo fleet by approximately 100 units (net), and the fleet capacity and costs have thus been adapted to the changed market conditions.

NORDEN