- ISIN DK0010281468
A/S Dampskibsselskabet TORM
Sale of two bulk vessels
A/S Dampskibsselskabet TORM /
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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| | ANNOUNCEMENT NO. 7 - 2009 |
| | 14 May 2009 |
| | Sale of two bulk vessels |
| | 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. |
| | Contact:
Mikael Skov, CEO, tel.: +45 39 17 92 00 |
| | Roland M. Andersen, CFO, tel.: +45 39 17 92 00 |
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| About | TORM is one of the world's leading carriers of refined oil |
| TORM | 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. |
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| Safe | Matters discussed in this release may constitute forward-looking |
| Harbor | statements. Forward-looking statements reflect our current views |
| Forward | with respect to future events and financial performance and may |
| Looking | include statements concerning plans, objectives, goals, |
| Statemen | strategies, future events or performance, and underlying |
| ts | 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. |
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News Source: NASDAQ OMX
14.05.2009 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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