Sale of one product tanker

16 June 2011

TORM has entered into an agreement to sell the product tanker Potrero. The vessel has been sold for a total consideration of USD 14 million. Potrero will be delivered to the new owner either in the second or in the third quarter of 2011, where the effect of the transaction will be recognised in the financial statements. The sale implies an accounting loss of USD 7 million. The sale of Potrero, built in 1999, is a natural consequence of TORM’s strategy to own and operate a modern fleet.

Following the sale of the vessel, TORM's own fleet consists of 67.5 product tankers and two dry bulk vessels. In addition, TORM has four product tankers and two dry bulk vessels on order. The transaction does not change the Company’s forecast for 2011 of a loss before tax of USD 100-125 million.

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