CORRECTION: Announcement no. 19 - Q3 report 2011

TORM A/S 

17.11.2011 11:06
---------------------------------------------------------------------------

TORM recognised a loss before tax of USD 70 million in the third quarter of
2011. 'Third quarter of 2011 proved to be a particularly challenging quarter,
as the uncertainty on the global economy continued and freight rates came under
massive pressure. We are now working on a range of initiatives to improve the
liquidity situation and strengthen the balance sheet,' says CEO Jacob
Meldgaard. 

Correction of language page 11-12

  -- EBITDA for the third quarter of 2011 was a loss of USD 17 million, compared
     to a gain of USD 23 million in the third quarter of 2010. The result before
     tax for the third quarter of 2011 was a loss of USD 70 million, compared to
     a loss of USD 27 million in the same period of 2010. The third quarter of
     2011 was negatively impacted by mark-to-market non-cash adjustments of USD
     5 million, compared to USD 0 million in the same period of 2010. For the
     first nine months of 2011, a loss before tax of USD 139 million was
     recognised, compared to a loss of USD 49 million in the same period of
     2010.



  -- The product tanker market experienced freight rates at low levels during
     the third quarter of 2011. Especially the freight rates in the larger
     segments, LR2 and LR1, suffered from the global economic uncertainty and
     oversupply of vessels. The US products imports fell by 29% in the third
     quarter of 2011, compared to the third quarter of 2010. The MR markets were
     affected by the traditionally weaker summer months, but spot rates on the
     Continent were slightly better than in the larger segments. The release of
     the Strategic Petroleum Reserves announced in June 2011 affected the
     markets negatively in August and September. Further, only limited arbitrage
     opportunities arose during the third quarter of 2011.



  -- The bulk market continued to be under pressure in July and the first half
     of August driven by a typical summer market and the remaining impact of a
     slowdown due to the Japanese earthquake in March. The freight rates in the
     Pacific and the Atlantic markets improved during the later part of August
     and September. The main drivers were the US led grain season and higher
     than usual sugar exports from Brazil plus a continued appetite for iron ore
     and coal in China. The third quarter of 2011 continued to see a high influx
     of newbuildings in all the main segments.



  -- As mentioned in announcement no. 18 dated 17 November 2011, TORM pursues
     long-term comprehensive financing solution. Therefore, TORM has entered
     into discussions with its banks and other main stakeholders. It is
     anticipated that a rights issue of up to USD 300 million will be a part of
     the comprehensive financing solution.



  -- Net interest-bearing debt was up in the third quarter of 2011 to USD 1,836
     million from USD 1,824 million as at 30 June 2011.



  -- Undrawn credit facilities and cash totalled USD 237 million at the end of
     the third quarter of 2011, compared to USD 288 million as at 30 June 2011.
     Outstanding CAPEX relating to the order book amounted to USD 167 million.
  -- Equity amounted to USD 958 million as at 30 September 2011, equivalent to
     USD 13.8 per share, (excluding treasury shares), giving TORM an equity
     ratio of 31%.



  -- By 30 September 2011, TORM had covered 25% of the remaining tanker earning
     days in 2011 at USD/day 13,925 and 5% of earning days in 2012 at USD/day
     16,122. 97% of the remaining bulk earning days in 2011 are covered at
     USD/day 15,402 and 64% of the 2012 earnings days at USD/day 14,257.



  -- TORM forecasts a loss before tax of USD 175-195 million for 2011 as stated
     in announcement no. 16 dated 31 October 2011.
News Source: NASDAQ OMX



17.11.2011 Dissemination of a Corporate News, transmitted by DGAP - 
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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