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Dampskibsselskabet NORDEN A/S

_______________________________________________________________________________


Announcement no. 13

10 March 2011


Dampskibsselskabet NORDEN A/S

Statement of leading employees' transactions with NORDEN shares and related
securities


As stated in NORDEN's annual report of 2 March 2011, NORDEN has established a
share option programme for leading employees and other key employees, in total
65 employees (against 59 employees last year). Each share option entitles the
recipient to acquire 1 NORDEN share denominated in DKK. Like last year, the
programme constitutes 0.78% of the share capital. The share options may be
exercised in the period from 2 March 2014 to 2 March 2017.


The exercise price of the options is determined as the five-day average of the
market price following 2 March 2011, less all dividend payments after 2 March
2011 plus an addition of 20%. Previously, 8% p.a. was added up to any exercise
less all dividend payments.


With the exception of the addition, these conditions are identical with those
established by the Company for 59 employees in March 2010.


According to section 28A of the Danish Securities Trading Act, the Company
shall report the following information about the transactions of leading
employees and their closely related parties in the Company's shares and related
securities:


Name: Carsten Mortensen
Occasion: Reporting duty, President & CEO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 53,582
Market value of
underlying shares in DKK: 10,002,152
Holding after the transaction: 30,612 shares and 344,021 options

Name: Michael Tønnes Jørgensen
Occasion: Reporting duty, Executive Vice President & CFO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 26,214
Market value of
underlying shares in DKK: 4,893,367
Holding after the transaction: 218 shares and 94,048 options

Name: Peter Norborg
Occasion: Reporting duty, Executive Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 24,730
Market value of
underlying shares in DKK: 4,616,349
Holding after the transaction: 562 shares and 122,377 options

Name: Lars Bagge Christensen
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 17,167
Market value of
underlying shares in DKK: 3,204,564
Holding after the transaction: 2,682 shares and 122,121 options

Name: Peter Borup
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 13,453
Market value of
underlying shares in DKK: 2,511,272
Holding after the transaction: 442 shares and 89,742 options

Name: Lars Lundegaard
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 11,169
Market value of
underlying shares in DKK: 2,084,917
Holding after the transaction: 562 shares and 78,547 options

Name: Kristian Wærness
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 10,600
Market value of
underlying shares in DKK: 1,978,702
Holding after the transaction: 2,822 shares and 68,612 options

Name: Martin Badsted
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 10,764
Market value of
underlying shares in DKK: 2,009,316
Holding after the transaction: 1,562 shares and 65,644 options

Name: Vibeke Schneidermann
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 2 March 2011
Market: NASDAQ OMX København A/S
Number: 8,790
Market value of
underlying shares in DKK: 1,640,829
Holding after the transaction: 562 shares and 41,597 options

The theoretical Black-Scholes value of each option is DKK 51.40 based on the
exercise price determined as the five-day average of the market price (all
transactions) from 3 March 2011. The estimated value is based on the following
assumptions: that all options are exercised after 3.25 years, a volatility of
58.4%, an annual dividend rate of DKK 5 per share (from 2012) and a risk free
interest rate of 2.38%.



Kind regards,

Dampskibsselskabet NORDEN A/S



Michael Tønnes Jørgensen

Executive Vice President & CFO




Contact at tel. +45 3315 0451: Executive Vice President & CFO Michael Tønnes
Jørgensen

_______________________________________________________________________________

Dampskibsselskabet NORDEN A/S

52, Strandvejen

DK-2900 HELLERUP

CVR no. 67758919

www.ds-norden.com

No_13_Statement of leading employees transactions.pdf