ANNOUNCEMENT NO. 4 - 200810 March 2008COMPLETION OF THE ACQUISITION OF 50 % OF
FR8On 24 January 2008 A/S Dampskibsselskabet TORM (TORM) announced that TORM
had acquired 50 % of FR8 Holdings Pte. Ltd. (FR8), a subsidiary of the
international oil trader Projector S.A.The transaction has now been approved by
all relevant competition authorities and the completion of the acquisition of
50 % of FR8 occurred today Monday, 10 March 2008, where the share certificates
corresponding to 50 % of FR8 were transferred to TORM. Projector S.A. will
continue to control the remaining 50 % of the shares in FR8.
Contact A/S Dampskibsselskabet TORM Telephone +45 39 17 92 00Tuborg Havnevej
18 Klaus Kjærulff, CEODK-2900 HellerupDenmark
About TORM TORM is one of the world's leading carriers of refined oil products
as well as being a significant participant in the dry bulk market. The Company
operates a combined fleet of more than 130 modern vessels, principally through
a pooling cooperation with other respected shipping companies who share TORM's
commitment to safety, environmental responsibility and customer service.TORM
was founded in 1889. The Company conducts business worldwide and is
headquartered in Copenhagen, Denmark. TORM's shares are listed on the
Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker TRMD).
For further information, please visit www.torm.com.
Safe HarborForward Looking Statements Matters discussed in this release may
constitute forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts. The forward-looking statements
in this release are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation, Management's
examination of historical operating trends, data contained in our records and
other data available from third parties. Although TORM believes that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, TORM cannot
assure you that it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward looking statements
include the strength of world economies and currencies, changes in charter hire
rates and vessel values, changes in demand for “tonne miles” of oil carried by
oil tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or future litigation, domestic
and international political conditions, potential disruption of shipping routes
due to accidents and political events or acts by terrorists. Risks and
uncertainties are further described in reports filed by TORM with the US
Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.Forward looking statements are based on
management's current evaluation, and TORM is only under obligation to update
and change the listed expectations to the extent required by law.
