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D/S Norden

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Dampskibsselskabet Norden A/S
Company typePublicly traded Aktieselskab
Nasdaq Copenhagen: DNORD
IndustryShipping
Founded1871
FounderMads Christian Holm
Headquarters
Hellerup
,
Denmark
Key people
Carsten Mortensen (President and CEO), Mogens Hugo (Chairman)
ProductsTankers, dry cargo
RevenueUS $2.190 billion (2010)[1]
US $222.5 million (2010)[1]
US $244.8 million (2010)[1]
Total assetsUS $2.250 billion (end 2010)[1]
Total equityUS $1.998 billion (end 2010)[1]
Number of employees
670 (average, 2010)[1]
SubsidiariesNorient Product Pool A/S (With Interorient Navigation Company Ltd.)
Websitewww.ds-norden.com

Dampskibsselskabet Norden A/S (commonly abbreviated D/S Norden) is a Danish shipping company operating in the dry cargo and tanker segment worldwide.

The company headquarters are located in Copenhagen, Denmark [2] and the company is listed on the Copenhagen Stock Exchange.[3]

History

Norden is one of Denmark's oldest shipping companies, founded in 1871 by Mads Christian Holm. It was named after its first vessel, a Glasgow-built steamship.[4] The company is composed of a dry cargo and a tanker division.

Operations

Dry cargo

In dry cargo, the Company is one of the world’s largest operators of Handymax and Panamax bulk carriers and has significant activities in the Handysize and Capesize segments. The latest initiative is the entry into the Post-Panamax segment.[5]

Tanker

In tankers, the Company is active in the Aframax segment, which transports crude oil, and in the Handysize and MR product tanker segments.[6]

The product tanker activities are operated through the Norient Product Pool, which is jointly owned by DS NORDEN and Interorient Navigation Company Ltd. .[7]

Takeover bid by TORM

In 2002 rival shipping company DS TORM tried to take over DS NORDEN. Despite resistance from some shareholders, TORM eventually gained control of almost 33% of NORDEN's shares. Although the takeover attempt was unsuccessful, rising stock prices meant that TORM held onto the shares until 2007.[8]

Fleet

DS Norden's fleet is among the most modern and competitive in the industry and the firm operates in total 209 dry cargo- and tanker vessels (a mix of owned and chartered tonnage). In addition NORDEN has an extensive newbuilding programme and has in total 86 vessels on order (dry cargo 69, tanker 17).[9]

Norden has its head office in Copenhagen and offices in Singapore, Shanghai, Annapolis, Rio de Janeiro and Mumbai. At its offices the company has in total 209 employees and about 300 are employed on the Company’s owned vessels.[10]

Norden was a founding member of the Danish Shipowners' Association in 1884 and has been a member ever since. It is also a member of the international organisations; Intertanko (The International Association of Independent Tanker Owners), BIMCO (The Baltic and International Maritime Council) and ICC Denmark (International Chamber of Commerce).

References

  1. ^ a b c d e f "Annual Report 2010" (PDF). D/S Norden. Retrieved 1 April 2011.
  2. ^ Dampskibsselskabet "NORDEN" A/S - Headquarters
  3. ^ Dampskibsselskabet "NORDEN" A/S - Master data
  4. ^ Dampskibsselskabet "NORDEN" A/S - History
  5. ^ Dampskibsselskabet "NORDEN" A/S - Strategy
  6. ^ Dampskibsselskabet "NORDEN" A/S - Strategy
  7. ^ Dampskibsselskabet "NORDEN" A/S - Norient Product Pool
  8. ^ "Denmark's D/S Torm sells entire D/S Norden stake". Reuters. 2007-04-02.
  9. ^ Dampskibsselskabet "NORDEN" A/S - NORDEN in brief
  10. ^ Dampskibsselskabet "NORDEN" A/S - NORDEN around the world
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