Sale of two product tankers

14 October 2011

TORM has entered into an agreement to sell the two LR2 product tankers TORM Mette and TORM Marianne. The parties have agreed not to disclose the sales price. TORM Mette and TORM Marianne will be delivered to the new owners in the fourth quarter of 2011 where the effect of the transaction will be recognised in the financial statements. The sale has no impact on the Company’s profit and loss statement, but a positive effect on the liquidity of approximately USD 20m. Following the sale, TORM's owned fleet consists of 65.5 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 100-175 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