Sale of one product tanker

10 Januray 2011

TORM has entered into an agreement to sell Faja de Oro II. The vessel have been sold for a consideration of USD 12 million. Faja de Oro II will be delivered to the new owner in the first quarter of 2011, where the effect of the transaction will be recognised in the financial statements. The sale implies an accounting loss of USD 6 million. The sale of Faja de Oro II, build in 1995, is a natural consequence of TORM’s strategy to own and operate a modern fleet.

Following the sale of the vessels, TORM's owned fleet consists of 67 product tankers and two dry bulk vessels. In addition, TORM has seven product tankers and two dry bulk vessels on order. TORM will announce the financial forecast for 2011 in the annual report for 2010, on the 10 March 2011.

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.

TORM, press release