TORM expects temporary agreement with banks and time charter partners to be renewed

TORM A/S 

30.04.2012 22:57

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With reference to announcement no. 15 dated 13 April 2012, TORM and the         
 Company's group of banks agreed on a temporary deferral of instalments and     
 covenant standstill until 30 April 2012. TORM expects the temporary agreement  
 with the banks to be renewed shortly.                                          
Simultaneously, TORM made an agreement with the vast majority of the time       
 charter partners to realign charter rates to the current market level until 30 
 April 2012. TORM also expects this temporary agreement to be renewed shortly.  
                                                                                
Contact TORM A/S                                                                
Jacob Meldgaard, CEO, tel.: +45 3917 9200                                       
Roland M. Andersen, CFO, tel.: +45 3917 9200                                    
C. Søgaard-Christensen, IR, tel.: +45 3076 1288                                 
Tuborg Havnevej 18                                                              
DK-2900 Hellerup, Denmark                                                       
Tel.: +45 3917 9200 / Fax: +45 3917 9393                                        
www.torm.com                                                                    
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About TORM                                                                      
TORM is one of the world's leading carriers of refined oil products as well as a
 significant player in the dry bulk market. The Company runs a fleet of         
 approximately 140 modern vessels in cooperation with other respected shipping  
 companies sharing 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 NASDAQ OMX   
 Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further
 information, please visit www.torm.com.                                        
Safe Harbor statements as to the future                                         
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 statements 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 guarantee 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 
 conclusion of definitive waiver documents with our lenders, the strength of the
 world economy 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 the       
 regulation of shipping operations, 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 an obligation to update and change the listed expectations  
 to the extent required by law.
News Source: NASDAQ OMX



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Language:     English
Company:      TORM A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0060082915
WKN:          
 
End of Announcement                             DGAP News-Service
 
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