Norden increase its announced expectations

SHIPPING: Norden has agreed to sell 2 Handymax bulkcarriers with a total profit of 13 million dollar.

The vessels of approximately 52,400 DWT were built in 2002 and 2003, respectively. Both vessels are expected to be delivered to the new owners during the second quarter of 2009.Hereafter Norden expects total profits from the sale of vessels in 2009 of approximately 40 million dollar. Taking into account the continued great uncertainty in relation to Norden’s markets and contractual counterparties, the Company finds it most prudent to increase only the lower part of the previously announced expectations.

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