-------------------------------------------------------------------------------- | | ANNOUNCEMENT NO. 9 - 2009 | | | 9 June 2009 | | | Sale of one bulk carrier | | | TORM has entered into an agreement to sell the Panamax bulk | | | carrier TORM Tina (built in 2001). The vessel has been sold | | | for a total consideration of USD 30 million with a profit of | | | USD 11.5 million. The vessel is expected to be delivered in | | | July 2009. | | | TORM maintains the pre-tax profit forecast for 2009 of USD | | | 100 - 140 million incl. sale of vessels as stated on 19 May | | | 2009 (announcement no. 8/2009). | | | Following the sale of the vessel, TORM's owned fleet consists | | | of 61 product tankers and four bulk carriers. In addition, | | | TORM has 14 product tankers and four bulk carriers on order. | | | Contact: Mikael Skov, CEO, tel.: +45 39 17 92 00 | | | Roland M. Andersen, CFO, tel.: +45 39 17 92 00 | -------------------------------------------------------------------------------- | 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. | -------------------------------------------------------------------------------- | 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. | --------------------------------------------------------------------------------