Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program

A/S Motortramp is continuously selling shares pro rata in connection with Dampskibsselskabet NORDEN A/S's announced share buy-back program; the company issued Announcement No. 81 on 1 April 2026 and references announcements no. 30/2026 and 32/2026. This is a routine disclosure of ongoing buy-back related transactions; IR contact Therese Möllevinge is provided for further information.

Analysis

When a buyback is executed in tandem with material shareholder activity, the short-term supply/demand picture becomes a function of relative execution pace rather than headline intent. If the company’s daily purchases consistently exceed the selling cadence of large holders, expect mechanical price support and a compression in intraday volatility; the opposite relationship produces a loose float and can produce multi-week weakness even with an active program.

From a governance and capital-allocation angle, coordinated buybacks that effectively monetize concentrated stakes often signal management prefers returning cash to shareholders over fleet expansion or longer-cycle charter contracts. That creates a two-tier effect: near-term EPS and ROE uplift versus deferred capex/orders for shipyards and equipment suppliers, which can depress OEM/backlog-related revenues on a 6–18 month horizon.

Technically, buyback-linked programs create attractive microstructure trades — predictable demand at discrete execution windows and recurring supply spikes from shareholders create a VWAP arbitrage and options skew compression opportunity. Tail risks to the trade include an abrupt cessation of repurchases (liquidity dries up) or a step-up in shareholder liquidation that overwhelms the program; both can reverse any price support within days to weeks.

Key Decisions for Investors

• Long NORD (CPH:NORD) on pullbacks to 6–8% below the 20-day VWAP; position target +25% over 3–9 months if buybacks continue to absorb selling. Hedge with a 3-month 5% OTM put to cap downside to ~6–8% (costed into position).
• Pair trade: long NORD (CPH:NORD) / short STNG (NYSE:STNG) equal notional for 3 months — isolates company-specific buyback alpha versus sector cyclicality. Target +15–25% relative outperformance; stop if sector rate indicators (BDI/TCE proxies) widen adverse to pair by >200bps month-on-month.
• VWAP capture strategy for flow desks: implement algorithmic buy program to sell into intraday spikes and buy into program troughs for a 1–4 week horizon; require program absorption rate >50% of observable selling to justify scale-up. Scale exposure size to no more than 1–2% of ADV to avoid adverse market impact.
• Event hedge: buy 1–3 month out-of-the-money puts across the Danish shipping basket (or instrument proxy) sized to cover 30–50% of NORD position value to protect against sudden repurchase halt or accelerated insider liquidation that could trigger a >15% drawdown.