Cancellation of time charter agreement and sale of 2 vessels

22 Feb 2010

NORDEN has agreed to cancel a time charter contract for a Panamax vessel against payment from the charterer of the present value of the difference to the market rate in cash. The time charter agreement had a remaining term of approximately 4 years, and the cancellation payment falls due in the first or second quarter of 2010.

In addition, NORDEN has sold 2 bulk carriers. The vessels concerned are a Handymax newbuilding for delivery from the yard in the second quarter of 2010 and the 10-year-old Capesize NORDKRAFT for expected delivery in the second half of 2010. Both sales have been made at levels somewhat above the broker valuations which the Company received at 1 January 2010.

NORDEN