TORM increases outlook for 2008 earnings to all-time high

11 August 2008

The Company’s product tankers continue to contribute higher earnings than expected. The background for the performance is that TORM now commands a significantly larger fleet following the acquisition and integration of OMI and FR8 (50%) combined with the fact that the product tanker market is developing favourably with respect to demand and freight rates. TORM expects that this trend will continue in the near future and raises its pre-tax profit outlook for 2008 from USD 295-315 million to USD 355-370 million.

“We expect our 2008 earnings to be the highest in company history. This is a consequence of our growth strategy and confirms our focus on the product tanker market. The timing of the acquisition of OMI and subsequently of 50% of FR8 was favourable in view of the positive development we are experiencing in the tanker market,” says TORM CEO Klaus Kjærulff.

TORM will release its report for the first six months of the year on Wednesday, 20 August 2008.
Contact A/S Dampskibsselskabet TORM Telephone: +45 39 17 92 00
Tuborg Havnevej 18 Klaus Kjærulff, CEO
DK-2900 Hellerup Mikael Skov, COO
Denmark Roland M. Andersen, CFO

About TORM
TORM is one of the world's leading carriers of refined oil products as well as being a significant participant in the dry bulk market. The Company operates a combined fleet of more than 125 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 Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker TRMD). For further information, please visit www.torm.com.

TORM, press release