A/S Dampskibsselskabet TORM
Executive Vice President Jacob Meldgaard replaces Klaus Kjærulff as CEO of A/S Dampskibsselskabet TORM

A/S Dampskibsselskabet TORM / 

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ANNOUNCEMENT NO. 18 - 2008

							12 September 2008

Executive Vice President Jacob Meldgaard replaces Klaus Kjærulff as CEO of A/S
Dampskibsselskabet TORM 


Klaus Kjærulff (56) has decided to step down as CEO of TORM after 33 years with
the company, having served the last eight years as CEO. Klaus Kjærulff will
devote himself to functioning as Board member and other challenges outside of
TORM. 

Klaus Kjærulff will be replaced by Jacob Meldgaard, Executive Vice President of
the shipping company NORDEN A/S. 

Originally trained in shipping at A.P. Møller, forty-year old Jacob Meldgaard
has been employed with NORDEN for eleven years and has been in charge of the
company's dry cargo division in the last four years. Together with the rest of
the organisation, he has received outstanding results, and this year, he was
appointed Executive Vice President. In addition to having specialised in
shipping, Jacob Meldgaard holds a Bachelor of Commerce degree in International
Trade from the Copenhagen Business School and has completed management
programmes at INSEAD in France and at the Wharton Business School in the USA. 

Chairman of the Board N. E. Nielsen says: During some time I have discussed a
change in management with Klaus Kjærulff and I am pleased that we can now
announce the change. 

'Having worked for TORM for 33 years, Klaus Kjærulff has done an excellent job
and has shown unique business acumen in building a successful company. When he
was appointed CEO in 2000, the shipping company ran a fleet of 21 vessels and
employed 225 people at its Copenhagen office. Today, TORM controls a fleet in
the excess of 130 vessels and its staff numbers more than 3,500 people
worldwide. Every year since 2000, TORM has recorded record high revenue and
profit, thanks in great part to the excellent job performed by Klaus Kjærulff
and the rest of the organisation. Efforts continue towards our ambition of
further and significant growth, and we are constantly seeking to achieve our
long-term goals and ensure continuity. Having planned this generational shift
in good time will help us ensure such continuity,' says N. E. Nielsen 

N. E. Nielsen goes on to conclude: 'I'm convinced that the new CEO together
with other members of TORM's management board, its executive staff and skilled
employees around the world will create a bright and exciting future for TORM.' 

Klaus Kjærulff, commenting on the generational shift, states: 'I choose to
leave now that TORM is doing very well. The integration after the purchase of
OMI has finished successfully and we have just adjusted an upward direction for
the expectations of the company's result to the best ever for TORM. Having been
in TORM for many years I find it obvious that new strength is needed in the
management to continue the company's growth. I am still young enough to be able
to find new challenges outside of TORM and the time is perfect for a change in
management. In the coming years, Klaus Kjærulff will undertake special
assignments and projects for TORM. 

In the future TORM's management will consist of Jacob Meldgaard (40) CEO,
Mikael Skov (45) COO and Roland M. Andersen (40) CFO. 



Kontakt
N. E. Nielsen, Chairman of the Board of Directors: +45 2526 3343
Klaus Kjærulff, CEO: +45 4010 8111


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. 

Safe Harbor
Forward Looking 
Statements
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current  views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, Management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TORM believes that these assumptions were reasonable  when
made, because these assumptions are inherently  subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control,  TORM cannot assure you that it will achieve or
accomplish  these expectations, beliefs or projections. 

Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward looking statements include the
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for tonne miles of oil carried by oil
tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or future litigation, domestic
and international political conditions, potential disruption of shipping routes
due to accidents and political events or acts by terrorists. Risks and
uncertainties are further described in reports filed by TORM with the US
Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K. 

Forward looking statements are based on management's current evaluation, and
TORM is only under obligation to update and change the listed expectations to
the extent required by law.

News Source: NASDAQ OMX

12.09.2008  Financial News transmitted by DGAP
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Language:     English
Issuer:       A/S Dampskibsselskabet TORM
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010281468
WKN:          
 
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