A/S Dampskibsselskabet TORM
Interim CEO of TORM
A/S Dampskibsselskabet TORM / Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- ANNOUNCEMENT NO. 19 - 2008 22 September 2008 Interim CEO of TORM Mikael Skov, Chief Operating Officer of TORM, is from today also appointed interim Chief Executive Officer. He will assume both posts until Jacob Meldgaard can join as new Chief Executive Officer. Until Jacob Meldgaard joins TORM, the management will consist of CEO, Mikael Skov, and CFO, Roland M. Andersen. Klaus Kjærulff, who has been CEO of the Company during the last 8 years, will continue to be available for TORM in resolving specific tasks and projects. Contact: N. E. Nielsen, Chairman of the Board of Directors: +45 2526 3343 Mikael Skov, CEO: +45 3917 9200 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 22.09.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: A/S Dampskibsselskabet TORM Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010281468 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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