TORM A/S - dänischer Tankerbetreiber - 500 Beiträge pro Seite

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interessant als Proxy für die Wirtschaftsentwicklung (in Q1 hatten sie noch ordentlich verdient)...

12 August 2009

Revised forecast of profit before tax for 2009

As a result of lower-than-expected freight rates for product tankers for the remainder of 2009, TORM
revises its forecast for profit before tax from USD 100 -140 million to around break-even. The forecast
includes expected negative mark-to-market non-cash adjustments of approximately USD 20 million and
no further sales of vessels.

The lower freight rates for product tankers are primarily due to lower demand for transport of oil products
as global consumption of oil was lower than expected.

“We are experiencing historically low freight rates for product tankers at the moment. Our general
strategic view of the product tanker market going forward is unaffected by this fall in rates, and we
remain positive on the future prospects of the segment. We are also pleased to note that our efficiency
improvement programme is almost fully implemented and that the planned cost savings of USD 40-60
million per year will be achieved from 2010 and onwards,” says Mikael Skov, CEO of TORM.

As planned, TORM will release its interim financial statements for the first six months of 2009 on
20 August 2009.

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9 June 2009


Sale of one bulk carrier

TORM has entered into an agreement to sell the Panamax bulk carrier TORM Tina (built in
2001). The vessel has been sold for a total consideration of USD 30 million with a profit of
USD 11.5 million. The vessel is expected to be delivered in July 2009.

TORM maintains the pre-tax profit forecast for 2009 of USD 100 – 140 million incl. sale of
vessels as stated on 19 May 2009 (announcement no. 8/2009).

Following the sale of the vessel, TORM's owned fleet consists of 61 product tankers and four
bulk carriers. In addition, TORM has 14 product tankers and four bulk carriers on order.

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“Profit for third quarter 2009 is in line with expectations and better than the second quarter. Despite the continued
low freight rates for product tankers we are satisfied with TORM's success in securing earnings above average
market levels and at the same time deliver the planned cost reductions. We see, however, no signs of immediate
market recovery, but our long-term strategic focus on the product tanker market remains,” states CEO Mikael Skov.

Profit before tax for the first nine months of 2009 was USD 11 million, in line with the latest full-year forecast for 2009.

Profit before tax for the third quarter was USD 4 million, including a positive impact of USD 21 million from the sale of two
bulk carriers. As announced earlier, the vessels were sold during the second quarter, but the profit was recognised in the
third quarter in which delivery took place.

The third quarter was negatively impacted by non-cash mark-to-market adjustments of USD 7 million, with USD 5 million
on financial instruments and USD 2 million on FFA/bunker derivatives.

In the third quarter, product tanker rates remained at the low levels seen at the end of the second quarter. The market is
still suffering from the negative impact of low global oil demand and the addition of new tonnage. However, on routes to
and from Asia, rates picked up considerably towards the end of the quarter, benefiting TORM’s LR1 and LR2 vessels.

Third quarter spot earnings in TORM’s MR Pool were USD/day 12,580, which was higher than the average rate levels
seen on the main routes in the MR market. In the negative market conditions, the pools focused on optimising the
transport patterns of the global fleet and its access to cargo contracts. This resulted in more effective utilisation of the fleet
and, consequently, higher earnings.

Bulk Panamax rates fell back in mid third quarter, but regained some ground toward the end of the quarter. Due to
TORM’s high coverage of earning days, the developments in bulk rates had limited impact on TORM’s earnings.

TORM’s efficiency improvement programme – Greater Efficiency Power – had a favourable effect on performance in the
third quarter as vessel operating costs per day dropped by an average of approximately 12% year-on-year across the
fleet. Furthermore, the administration expenses have been reduced by 21% year-on-year. The efficiency improvement
programme will, as planned, produce annual cost savings of USD 40-60 million from 2010.

On a quarterly basis, TORM calculates the long-term earnings potential of its fleet based on discounted future cash flows.
The value of the fleet thus calculated supports the book values.

At 30 September 2009, equity amounted to USD 1,274 million, equivalent to USD 18.4 per share (DKK 93.4 per share),
excluding treasury shares, giving TORM an equity ratio of 38%.

TORM’s unutilised loan facilities and cash totalled approximately USD 400 million at the end of the third quarter. Net
interest-bearing debt totalled USD 1,682 million at 30 September 2009. Around 70% of the debt is due in 2013 or later.

At 30 September 2009, TORM had covered 49% of the remaining earning days for 2009 in the Tanker Division at
USD/day 19,227 and 85% of the remaining earning days in the Bulk Division at USD/day 17,050. For 2010, coverage at
30 September 2009 was 24% at USD/day 20,033 in the Tanker Division and 46% at USD/day 16,650 in the Bulk Division.

TORM maintains its forecast of a profit before tax of around break-even for 2009.

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27 November 2009


Sale of one dry bulk vessel

TORM has entered into an agreement to sell the Panamax dry bulk vessel TORM Charlotte (built in
2005). The vessel has been sold for a total consideration of USD 35 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 two dry bulk
vessels. In addition, TORM has 11 product tankers and four dry bulk vessels on order.

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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.

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4 December 2009


Financing agreement for six of the Company’s MR newbuildings

TORM has entered into a financing agreement for six of the Company’s MR newbuildings to be
delivered to the Company between 2010 and 2012.

The agreement, which amounts to USD 167 million, has been concluded with Bank of China and
Société Générale as well as the Chinese export credit insurer Sinosure. The main conditions are in line
with the Company's existing loan agreements.

Including this agreement TORM’s unutilized loan facilities and cash total USD 565 million while the
remaining investments relating to the order book amount to USD 455 million as of 30 November 2009.

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Contact:
1 March 2010

Mikael Skov steps down from the position as CEO in TORM A/S

In September 2008, Mikael Skov took over the position as CEO of TORM until Jacob Meldgaard
starts as new CEO on 1 April 2010. Mikael Skov has been with TORM since 1984.

As Mikael Skov has not wished to be reinstated in his former position as COO, as originally planned,
Mikael Skov and TORM’s Board have decided that the right time for Mikael Skov to leave the
Company is after the release of TORM’s annual report 2009 on 11 March 2010. In the period until
1 April when new CEO Jacob Meldgaard starts, CFO Roland M. Andersen will take over the
responsibility as acting CEO.

Chairman of the Board N. E. Nielsen says: ”On behalf of the Board of Directors I would like to thank
Mikael for taking on the position as CEO during the past 1½ years. I respect Mikael’s decision and
wish him all the best for the future. At the same time, I personally would like to thank Mikael for his
excellent and valued cooperation in TORM and for his great efforts during the past 25 years where
he has been part of developing the Company into what it is today.”

From 1 April 2010, TORM’s Executive Management will consist of CEO Jacob Meldgaard and CFO
Roland M. Andersen.

Deputy Chairman Christian Frigast: [phone] (in the absence of Chairman N. E. Nielsen).

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”TORM posted a 2009 result in line with break-even expectations. High fleet utilisation yielding above market
earnings during the year combined with substantial cost reductions contributed positively to earnings. In
combination with a fully funded order book the Company has improved its competitive position further under
difficult market conditions," TORM's CFO Roland M. Andersen says.

Profit before tax and extraordinary impairment loss totalled USD 1 million which is in line with expectations. After an
extraordinary impairment write-down of USD 20 million relating to the Company’s 50% stake in FR8, loss before tax
amounted to USD 19 million.

In 2009, the Tanker Division’s earnings were negatively impacted by the global recession and the resulting decline in
global oil consumption as well as the influx of a high number of new vessels. Effective utilisation of TORM's fleet in the
second half secured earnings above the general market average.

The sale and delivery of four bulk carriers affected profit before tax positively by USD 33 million. The sale of two bulk
carriers in November 2009 at a total profit of USD 18 million will be taken to income in the first quarter of 2010 upon
delivery of the vessels.

TORM’s efficiency programme "Greater Efficiency Power" will in 2010, in line with projections, reduce vessel operating
costs by some 15% per vessel and administrative expenses by some 20% compared to 2008. Annual cost savings will
materialise in the range of USD 50 million.

In December 2009, TORM signed an agreement to finance six of the Company’s MR newbuildings in the amount of
USD 167 million. The vessels are planned for delivery between 2010 and 2012. After the balance sheet date, TORM
signed an additional agreement on 1 February 2010 to finance six other MR newbuildings in the amount of USD 170
million. TORM’s cash and unutilised loan facilities hereafter amounted to USD 700 million.

Remaining installments relating to TORM’s order book as of 31 December 2009 amounted to USD 455 million, which is
fully funded.

As of 31 December 2009, equity amounted to USD 1,247 million (DKK 6,472 million), corresponding to USD 18 per
share (DKK 93) excluding treasury shares, giving TORM an equity ratio of 38.6%.

TORM calculates the long-term earnings potential of its fleet based on discounted expected future cash flows in
accordance with IFRS. The calculated value of the fleet as of 31 December 2009 supports book values.

In 2009, TORM strengthened the Company’s CSR strategy and defined ambitious goals for reduction of CO2 emissions
going forward. The Company signed the UN Global Compact during 2009 and a global CSR organisation has been
established.

As of 31 December 2009, 31% of the earning days in the Tanker Division for 2010 had been covered at a rate of
USD/day 18,989 and 71% of the earning days in the Bulk Division at a rate of USD/day 18,100.

As of 1 April 2010, Jacob Meldgaard will take over the position as CEO as previously announced.

For the full year 2010, TORM forecasts a loss before tax of USD 15-60 million. The outlook is subject to considerable
uncertainty.

The Board of Directors recommends, subject to approval at the Annual General Meeting, that no dividend will be
distributed for the year 2009.

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04.05.2010, 12:11
Maersk Tankers says no plans to alter Torm deal
Maersk Tankers, a unit of Danish shipping and oil group A.P. Moller-Maersk , has no plan to change its pool cooperation arrangement with tanker shipper Torm (TORM.CO), its chief said on Tuesday.
The remarks from Maersk Tankers Chief Executive Soren Skou came after daily newspaper Berlingske Tidende said that Maersk planned to take over management of the pool, moving it physically from Torm's premises.
Speculation has emerged in Danish media that Torm's biggest shareholder could be interested in puttting Torm up for sale or merging it, also fuelling speculation that partners in the pool could abandon Torm.
Skou told Reuters that Maersk Tankers was satisfied with its pool cooperation with Torm.
"We have no plans to change our pool cooperation with Torm," Skou said. "It has worked satisfactorily for 10 years, and want it to continue."

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TORM posted a loss before tax of USD 24 million for Q2 2010. The result was in line with expectations and better than the same period a year ago. "In Q2, the product tanker market was affected by seasonality, however positive signs of recovery were seen late in the quarter. We believe underlying demand is improving and will support the product tanker segment going forward," says CEO Jacob Meldgaard. The result before tax for the second quarter of 2010 was a loss of USD 24 million, compared to a loss of USD 33 million in the same period last year. The result for the second quarter was in line with expectations. The result for the second quarter of 2010 was positively impacted by mark-to-market non-cash adjustments of USD 2 million.
A loss of USD 22 million before tax was recorded for the first six months of 2010. The result for the first quarter of 2010 includes a profit of USD 18 million from the sale of two bulk vessels.
In the second quarter of 2010, product tanker rates were negatively impacted by seasonality, influx of new tonnage and continued discharge of vessels from floating storage. The demand for refined products in the West remained slow, and the freight rate weakness seen in the crude oil markets did not spur additional demand for the larger LR tonnage. The demand for vegetable oil to China and Europe and for naphtha in the Far East did not offer sufficient rate support until the end of Q2 where also demand for gasoline in the West showed an upward trend.
Panamax bulk rates remained volatile in the second quarter of 2010. Up to mid-May, the rates increased to USD 37,100/day, but then fell to USD 22,100/day at the end of the quarter. Due to TORM’s high coverage of earning days, the volatility in bulk spot rates had limited impact on TORM’s earnings.
On a quarterly basis, TORM calculates the long-term earnings potential of its fleet based on discounted expected future cash flows. The calculated value of the fleet at 30 June 2010 supports book value.
At 30 June 2010, equity amounted to USD 1,220 million, equivalent to USD 17.6 per share (DKK 106.9 per share), excluding treasury shares, corresponding to an equity ratio of 38%.
TORM’s undrawn credit facilities and cash totalled approximately USD 600 million at the end of the second quarter. Capex relating to the order book amounted to USD 372 million.
Net interest-bearing debt totalled USD 1,691 million at 30 June 2010, compared to USD 1,622 million at 31 March 2010. The increase is due to borrowing in connection with the newbuilding programme.
At 30 June 2010, TORM had covered 33% of the remaining earning days for 2010 in the Tanker Division at USD 16,470/day and 81% of the remaining earning days in the Bulk Division at USD 19,725/day.
TORM forecasts a loss before tax of USD 40-60 million for 2010.

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TORM posted a loss before tax of USD 27 million for Q3 2010. “Market conditions were difficult in the third quarter and the rates for product tankers continue to be weak as the signs of recovery seen during the summer months have not materialised into better rates. Our long-term view of the product tanker market, however, remains positive,” CEO Jacob Meldgaard says. The result before tax in Q3 2010 was a loss of USD 27 million compared to a profit of USD 4 million in the same period of 2009. The result is impacted by a USD 8 million one-off provision related to organisational and management changes in 2010. The Q3 2009 result was impacted by a USD 21 million profit from sale of vessels. The result in Q3 2010 is not satisfactory and slightly below expectations.
The result before tax for the first nine months of 2010 was a loss of USD 49 million and included a profit of USD 18 million from sale of vessels.
In Q3 2010, freight rates were higher than in both Q2 2010 and the same period last year. However, across segments freight rates were negatively influenced by ample tonnage supply, absence of general arbitrage opportunities and limited use of vessels for floating storage. MR freight rates continued to be under pressure due to low western demand for refined products. A few positive market signs during the summer driven by selective arbitrage opportunities and refinery disruptions in South America were not sufficient to support a freight rate improvement in Q3.
Panamax bulk rates remained volatile in Q3 2010, with rates fluctuating between USD/day 16,000 and USD/day 27,300. At the end of Q3, rates were USD/day 22,200. Due to TORM’s high coverage of earning days, the volatility in bulk spot rates had limited impact on TORM’s earnings.
At 30 September 2010, equity amounted to USD 1,190 million, equivalent to USD 17.2 per share (DKK 93.7 per share), excluding treasury shares, corresponding to an equity ratio of 36%.
TORM’s undrawn credit facilities and cash totalled approximately USD 500 million at the end of Q3 2010. Capex relating to the order book amounted to USD 310 million. During Q4, TORM has entered into an agreement to sell the two Kamsarmax dry bulk newbuildings with planned delivery in Q1 2011 for a total consideration of USD 90 million.
Net interest-bearing debt totalled USD 1,738 million at 30 September 2010, compared to USD 1,691 million at 30 June 2010. The increase is due to borrowing related to the newbuilding programme.
At 30 September 2010, TORM had covered 30% of the remaining earning days for 2010 in the Tanker Division at USD/day 16,173 and 87% of the remaining earning days in the Bulk Division at USD/day 19,791.
TORM forecasts a loss before tax of USD 75-85 million for 2010 as stated in announcement no. 11 dated 4 November 2010.

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14 APRIL 2011
TORM plans to raise approximately USD 100 million of new share capital through a fully underwritten discounted rights issue. The rights issue is expected to be launched in the second half of 2011, although not before the publication of the results for the first half of 2011 on 18 August 2011.
TORM will publish a prospectus stating all offer terms and the offer period for the rights issue. The Board of Directors will take the final decision to proceed when all necessary arrangements have been made.
Beltest Shipping Company Ltd., Menfield Navigation Company and A/S Dampskibsselskabet TORMs Understøttelsesfond, which together represent 58.5% of the share capital, have informed that they intend to subscribe for their proportionate shares of the offering upon completion of the above.
"TORM is pleased to strengthen the Company’s financial position with the planned rights issue and that the three largest shareholders have expressed their support to TORM and the Company’s strategy," CEO Jacob Meldgaard says.
TORM prepares fully underwritten rights issue
14 April 2011

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TORM has entered into a sale and leaseback agreement for the product tanker TORM Marie. The vessel has been sold for a total consideration of USD 46 million. The transaction will be treated as a sale with an accounting profit of USD 7 million.
The sale will be effected in the second quarter of 2011 where the effect of the transaction will be recognised in the financial statements. At the same time, the vessel will be leased back on a bareboat charter for 7 years.
The transaction does not change the Company’s forecast for 2011 of a loss before tax of USD 100-125 million.
Following the sale and leaseback agreement, TORM's own fleet consists of 68.5 product tankers and two dry bulk vessels. In addition, TORM has four product tankers and two dry bulk vessels on order.

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CNR EXPANDS BULK CONTRACT WITH TORM
Hellerup, 19 July 2011 – TORM’s Contract of Affreightment (COA) on Handymax with the high-end steel producer China Nickel Resources Holdings Company Ltd. (CNR) has been expanded significantly.
“CNR has grown into a significant partner for TORM in the dry bulk segment. We are delighted that we have been able to increase our activities with a valued partner in the region, and we look forward to a closer cooperation in the years to come,” Alex Christiansen, head of TORM’s Bulk Division, says.
The additional 51 cargoes are part of the existing COA which runs until the end of 2015. The COA now includes three monthly shipments of cargoes of coal and iron ore from Indonesia to China. The initial contract included 124 cargoes. The total contractual volume of the geared/grabbed Handymax vessels with CNR is now close to 9 million metric tons for the coming four and a half years.
“The expansion is due to our client’s satisfaction with our level of flexibility on adjusting various laycans in CNR’s tight shipping schedule and our problem-solving abilities in close dialogue with customers,” Alex Christiansen says. “It is also a testament to the value of our local presence in Singapore, which will be further strengthened with Michael Bonderup as head of our bulk activities in that region.”
This type of agreement goes hand in hand with TORM’s strategy of getting closer to our clients and our long-term strategy of becoming an integrated freight service provider. At the same time this contract expansion supports TORM’s goal of seeking cover at attractive rates for dry bulk, while the outlook for bulk remains challenging.

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TORM recognised a loss before tax as expected of USD 69 million in the first half of 2011.

“Q2 2011 had temporary rate spikes and TORM has during Q2 2011 improved its medium term
debt structure and liquidity position and continued to deliver freight rates above benchmarks.
However, the near-term outlook is affected by the renewed uncertainty on the global economy
and freight markets,” says CEO Jacob Meldgaard.

• EBITDA for the second quarter of 2011 was USD 30 million, compared to USD 24 million in the second
quarter of 2010. Gains from vessel sales in the second quarter of 2011 were USD 7 million compared
to no gains for the same period in 2010. The result before tax was a loss of USD 24 million, which is in
line with the second quarter of 2010. For the first half of 2011, a loss before tax of USD 69 million was
recognised, compared to a loss of USD 22 million in the first half of 2010.

• The product tanker market experienced a temporary surge in demand in the western hemisphere in the
second quarter of 2011 as most western arbitrage opportunities were open in April and May. However,
the continued oversupply of tonnage and the adverse effects from Japan and Libya as well as the
release of strategic petroleum reserves have postponed the market recovery.

• The bulk market was in the second quarter of 2011 influenced by the Japanese earthquake as the
Japanese industry remained in distress and caused disruption to the global production. Continued
tonnage inflow and dedicated Japanese vessels entering the market put the bulk freight market under
pressure.

• As announced on 28 June 2011, TORM has agreed to an amendment of a revolving credit facility
agreement of USD 900 million that matures in 2013 with a bullet payment of USD 630 million. The
agreement extends the facility to 2015 where it matures with a bullet payment of USD 480 million.
TORM will, as a part of the agreement, secure that the cash equity injection of USD 100 million, as
announced on 14 April 2011, will be completed by mid-December 2011 at the latest. The exact timing
of the equity issue will depend on the current unrest on the global capital markets.

• Two MR newbuildings with delivery in 2012 have been deferred until the second quarter of 2013 and
the second quarter of 2014. In the second quarter of 2011, TORM sold an older product tanker,
Potrero, while the product tankers TORM Marie and TORM Margrethe were sold in sale and leaseback
agreements with purchase options.

• Net interest-bearing debt was down in the second quarter of 2011 to USD 1,824 million from USD
1,853 million as at 31 March 2011.

• Undrawn credit facilities and cash constituted USD 288 million at the end of the second quarter of 2011.

Outstanding CAPEX relating to the order book amounted to USD 167 million.

• Equity amounted to USD 1,037 million as at 30 June 2011, equivalent to USD 14.9 per share, excluding
treasury shares, giving TORM an equity ratio of 32%.

• By 30 June 2011, TORM had covered 18% of the remaining tanker earning days in 2011 at USD/day
14,659 and 75% of the remaining bulk earning days at USD/day 15,742.

• TORM previously announced a forecasted loss before tax for 2011 of USD 100-125 million. The
expectations for the full year of 2011 are characterised by great uncertainty due to the global economy,
the volatility in the freight rates and TORM’s open earning days in the product tanker segment. A
change of USD/day of 1,000 in freight rates will currently impact the profit before tax by app. USD 15
million. TORM continues to expect improving medium and long-term supply and demand fundamentals
for the product tanker market. If, though, the market conditions and freight rates remain unchanged for
the rest of the year compared to now, this will impact the forecast negatively by app. USD 50 million.
Therefore, the forecast for the full year of 2011 is now a loss before tax of USD 100-175 million.

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TORM reach temporary agreement with its bank group

Announcement no. 21 / 5 December 2011 TORM reach temporary agreement with its bank group Page 1 of 1

As stated in announcement no. 19 dated 17 November 2011, TORM is as part of a long-term
comprehensive financing solution in negotiations with its banks regarding an extension of the
Company’s repayment schedule for ship financing.

During these negotiations, TORM and the Company’s bank group have agreed on a temporary
deferral of instalments and covenant standstill. The agreement will initially be valid until 15 January
2012, but may be prolonged.

“The banks are committed to work constructively with the Company to reach a solution, and a Coordinating Committee has been appointed to represent the lenders," say Danske Bank, Danish Ship
Finance and Nordea in a joint statement.

“It is very positive that our lending banks support a swift and coordinated negotiation process. This
agreement provides the short-term flexibility that will enable a long-term sustainable solution,” says
CFO Roland M. Andersen.

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TORM and the Company’s bank group have agreed on an extension of the deferral of instalments and
covenant standstill announced on 5 December 2011. The agreement is after the extension valid until
15 February 2012.

The agreement is subject to the continued progress of the negotiations towards a financing solution.
“All banks remain committed to a swift and mutually acceptable solution," says Danske Bank, Danish
Ship Finance and Nordea in a joint statement.

“I am satisfied that we now have an extension of the temporary bank agreement and that the
negotiations are progressing well,” says CFO Roland M. Andersen.

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Antwort auf Beitrag Nr.: 42.615.535 von R-BgO am 19.01.12 11:56:01

TORM A/S: TORM extends temporary agreement with its bank group
TORM and the Company's bank group have extended the deferral of instalments and covenant standstill announced on 16 February 2012. The agreement is after the extension valid until 15 March 2012. As previously, the agreement is subject to the continued progress of the negotiations towards a financing solution.

"I am satisfied to have agreed the expected extension with the bank group,- says CFO Roland M. Andersen.

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Antwort auf Beitrag Nr.: 42.615.535 von R-BgO am 19.01.12 11:56:01

kaum Goodwill in der bilanz und trotzdem notiert die Aktei derzeit bei 7% des Buchwerts...

WENN die überleben...

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Antwort auf Beitrag Nr.: 42.870.072 von R-BgO am 08.03.12 11:56:20

und so geht das EK weg...:

TORM sells one MR product tanker
Announcement no. 9 / 9 March 2012 TORM sells one MR product tanker Page 1 of 1
TORM has entered into an agreement to sell the MR product tanker TORM Lana. The parties have
agreed not to disclose the sales price. TORM Lana will be delivered to the new owner in either the
second half of March or the first half of April 2012. The transaction leads to a P&L loss of
approximately USD 15 million which will be recognized in the financial statements in the first quarter
of 2012. The agreement has a positive cash impact of approximately USD 4 million.
Following the sale, TORM’s owned fleet consists of 66.5 product tankers and two dry bulk vessels. In
addition, TORM has one product tanker on order.

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“TORM is pleased that the close cooperation with the banks and other stakeholders has generated
results and that two international, recognized groups of investors have as part of the capital raising
process submitted specific, conditional proposals to TORM to inject USD 100-200 million in equity and
cash initiatives. A very important step has been taken, and the risk of an in-court solution in Denmark
or anywhere else will be eliminated if and when the conditions in these proposals have been fulfilled,”
says Chairman of the Board N. E. Nielsen.

Since announcement no. 18 dated 17 November 2011, the Company has cooperated closely with its
banks, time charter partners, shareholders and other stakeholders to establish a basis for TORM A/S
to continue. The five main elements for a comprehensive, long-term solution were specified on page 4
of TORM’s 2011 Annual Report.

Firstly, TORM has conducted a capital raising process to explore different alternatives for
strengthening the balance sheet. The Company has now entered into final negotiations with two
separate international, recognized groups of investors to inject USD 100-200 million in equity and
cash initiatives into the Company on terms that are currently being negotiated. These negotiations will
involve a certain decrease of TORM’s existing share capital, while, at the same time, granting the
existing shareholders the opportunity to subscribe for new shares. Other stakeholders, e.g. banks and
time charter partners, may also be offered the opportunity to become shareholders. The new group of
investors will subsequently have a significant shareholding in TORM A/S. The final ownership
structure is to be determined as part of the detailed negotiations. There are two separate groups of
investors, each with its business model now being reviewed by the Company and the investors in
question.

Secondly, TORM’s standstill agreement with all its banks expired on 15 March 2012, however the
close cooperation between the Company and the banks continues. The structure of the proposals
available from the investors is that the banks are to grant TORM a standstill period, but that the banks
are to expect to receive full and satisfactory settlement of their outstanding loans to the Company.
Thirdly, TORM has implemented a significant reduction of costs and has now planned further cash
and cost improving initiatives over the coming three years.

Fourthly, TORM has discontinued its newbuilding program and, as a result, there are no new vessels
to be financed.

Fifthly, TORM has, as part of its long-term cooperation with the owners of the chartered-in tonnage,
obtained statements from these owners making both a short-term and a long-term solution possible,
but it has to be finally negotiated and agreed.

Together with the potential investors, TORM will finalize the contractual basis as soon as possible in
order for it to be presented to the shareholders of the Company.

TORM’s annual general meeting is planned to be held on 23 April 2012.

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über reverse-split rausgeflogen...

over-and-out

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Sammelfriedhof5

[R-BgO]

es gibt sie immer noch:

Thread: Torm A/S - dänischer Tankerbetreiber