Sale of two bulk vessels

14 May 2009

TORM has entered into an agreement to sell the Panamax bulk carriers TORM Martha (built in 1997) and TORM Baltic (built in 1997). The vessels have been sold for a total consideration of USD 42.5 million with a profit of USD 15.4 million. The vessels are expected to be delivered in July 2009.

The sale of the vessels does not currently change the forecast previously announced by TORM.

The sale of the vessels is a consequence of the Company's strategy “Greater Earning Power 2.0” according to which older vessels are sold as part of the planned fleet renewal in the Bulk Division. Following the sale of the vessels, TORM's owned fleet consists of 61 product tankers and five dry bulk vessels.

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 130 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