TORM re-organizes global set-up as part of ongoing efficiency programme
17 June 2009
TORM re-organizes global set-up as part of ongoing efficiency programme
In the 2008 annual report, TORM announced the launch of a comprehensive efficiency programme - Greater Efficiency Power - in order to take full advantage of the global reach the Company has gained from the recent years’ acquisitions and strong growth. When fully implemented in 2010, the programme is expected to contribute with annual cost savings of USD 40-60 million.
As part of the programme, TORM has re-organized its global set-up of crew and fleet management to better support commercial requirements and to align with TORM’s overall strategy. Likewise, support functions will be further centralized to achieve synergies and better utilize the global IT platform. Further standardization of maintenance as well as crew optimization will not only secure reductions in operating expenses, but also improve efficiency and enhance the quality of TORM’s service to the benefit of the customers.
“A plan like Greater Efficiency Power is a logical and necessary consequence of the strong growth TORM has experienced in the past five years and has been planned prior to the economic slowdown. This is also meant to create the foundation for TORM’s future growth,” CEO Mikael Skov says.
The net effect of the above will have no influence on TORM’s 2009 pre-tax profit forecast of USD 100-140 million incl. sale of vessels as stated on 9 June 2009 (announcement no. 9/2009).
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
