ANNOUNCEMENT NO 16 - 2009
26 November 2009
Sale of one dry bulk vessel
TORM has entered into an agreement to sell the Panamax dry bulk vessel TORM
Rotna (built in 2001). The vessel has been sold for a total consideration of
USD 29 million with a profit of USD 9 million.
The vessel is expected to be delivered in the first quarter of 2010. The profit
will be realised in the financial statements at the time of delivery. The sale
of the vessel does not change the forecast for 2009 as previously announced by
TORM.
Following the sale of the vessel, TORM's owned fleet consists of 64 product
tankers and three dry bulk vessels. In addition, TORM has 11 product tankers
and four dry bulk vessels on order.
Contact:
Mikael Skov, CEO, tel.: +45 39 17 92 00
Roland M. Andersen, CFO, tel.: +45 39 17 92 00
About TORM
TORM is one of the world's leading carriers of refined oil products as well as
a significant participant in the dry bulk market. The Company runs a fleet of
approximately 140 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 NASDAQ
OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For
further information, please visit www.torm.com.
Safe Harbor Forward 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.
