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Ladies and Gentlemen,

Last year, we included the following statement in our summary outlook for 2011: “Volatility will prevail – in the economy, on financial markets, in demand for transport services, and especially in the supply of additional transport capacity. Persistently high volumes of newbuild capacity will be pushed onto the markets during 2011 and 2012. As we said before: there is no reason to relax. At the very least, the risk of setbacks is higher than the chances of particularly positive news.“

As it turned out, our expectations were fulfilled, even exceeded – unfortunately, in the negative sense.

What started in 2007 as a still-manageable subprime crisis (at least from today’s perspective) and evolved into a financial markets crisis with the demise of Lehman Brothers, got out of control. It escalated into a sovereign debt crisis, and has ultimately led to a political crisis. As a consequence, market participants have lost confidence in virtually all secular bodies. There are two possible solutions: take bold steps in order to achieve change, or fail miserably. Politicians are dithering between these two extremes, and in a dangerous manner.

What is very clear, though, is DVB’s ability to deliver, and to fulfil our targets. We have committed to furnishing our clients with optimal financing solutions, and to providing an appropriate return on equity (ROE) to our shareholders. Instead of judging our own performance however, we prefer to let the facts speak for themselves.

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