| Type | Publicly traded Aktieselskab |
|---|---|
| Traded as | OMX: DNORD |
| Industry | Shipping |
| Founded | 1871 |
| Founder(s) | Mads Christian Holm |
| Headquarters | Hellerup, Denmark |
| Key people | Carsten Mortensen (President and CEO), Mogens Hugo (Chairman) |
| Products | Tankers, dry cargo |
| Revenue | US $2.190 billion (2010)[1] |
| Operating income | US $222.5 million (2010)[1] |
| Profit | US $244.8 million (2010)[1] |
| Total assets | US $2.250 billion (end 2010)[1] |
| Total equity | US $1.998 billion (end 2010)[1] |
| Employees | 670 (average, 2010)[1] |
| Subsidiaries | Norient Product Pool A/S (With Interorient Navigation Company Ltd.) |
| Website | www.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]
Contents |
The company was founded in 1871, by Mads Christian Holm making it one of the oldest shipping companies in Denmark. The company was named Norden, after its first vessel, Glasgow build steamship.[4] The company is composed of a dry cargo and a tanker division.
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]
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]
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]
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).