ANNOUNCEMENT NO. 19 - 2007
3 August 2007
TORM takes over control of OMI vessels
On 8 June 2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and
Teekay Corporation (TEEKAY) had completed the acquisition of OMI Corporation
(OMI), whereby OMI became a jointly owned subsidiary of TORM and TEEKAY.
TORM and TEEKAY have now finalized the plan for the distribution of OMI's
assets. TORM will consequently with effect from 1 August 2007 take over 24
product tankers from OMI, leaving TORM's fleet at 85 vessels excluding
newbuildings. TORM will also take over OMI's technical operations in India and
a part of OMI's organisation in the US. For technical reasons two product
tankers will remain in TORM's and TEEKAY's joint operation in OMI until no
later than the beginning of 2008, whereas the other OMI vessels will be taken
over by TEEKAY, likewise with effect from 1 August 2007. The remaining assets
of OMI including 2 product tanker newbuildings will be equally distributed
between TORM and TEEKAY.
OMI fleet to be taken over by TORM
Contact Klaus Kjærulff, CEO, tel.: +45 39 17 92 00.
About TORM
TORM is one of the World's leading carriers of refined oil products and has
significant activities in the bulk market. The Company operates more than to
100 modern and secure vessels, most of them in pool co-operation with other
respected shipping companies, sharing TORM's commitment to safety,
environmental responsibility and customer service.
TORM was founded in 1889 and has constantly adapted itself and benefited from
the significant changes characterizing shipping. The Company conducts business
all over the World and is headquartered in Copenhagen, Denmark. TORM's shares
are listed in Copenhagen (ticker TORM) as well as on NASDAQ (ticker TRMD). For
more information, visit www.torm.com.
SAFE HARBOUR STATEMENT - 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 crude 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 fu
ture 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.
