D/S Norden
NORDEN achieves savings in relation to 9 vessels on long-term charter

D/S Norden 

19.02.2015 10:57

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                                                              Announcement no. 1

                                                                19 February 2015

NORDEN achieves savings in relation to 9 vessels on long-term charter

NORDEN has used its financial position to achieve significant savings. Through
dialogue with a number of large Japanese owners, NORDEN has entered into
agreement on reduction of future time charter payments relating to 9 vessels on
long-term charter. As part of the agreement, NORDEN has made a one-off payment
of USD 51.5 million in return for a reduction of future time charter payments
of USD 62 million in the coming 4 years corresponding to a total reduction in
hire of USD 10.5 million. 

Overall, the change in the time charter agreements does not affect operations
in the period from 2015-2018. 

After the one-off payment of USD 51.5 million, NORDEN's cash and securities
amount to USD 220 million while undrawn credit facilities amount to USD 419
million. 

                                  Kind regards,

                          Dampskibsselskabet NORDEN A/S

                                  Klaus Nyborg

                                  Interim CEO



Further information:

Martin Badsted, Executive Vice President, tel.: +45 3315 0451

Nicolai Bro Jöhncke, Head of Corporate Communications, tel.: +45 3315 0451

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    DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO.
                                    67758919
News Source: NASDAQ OMX



19.02.2015 The DGAP Distribution Services include Regulatory Announcements,
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Language:     English
Company:      D/S Norden
              
               
              Denmark
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Fax:          
E-mail:       
Internet:     
ISIN:         DK0060083210
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End of Announcement                             DGAP News-Service
 
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