TORM: Sale of One Bulk Vessel and Increased Expectations of USD 250-270 Million
25 Abril 2008 - 8:56AM
PR Newswire (US)
HELLERUP, Denmark, April 25 /PRNewswire-FirstCall/ -- TORM has
entered into an agreement to sell the Panamax bulk carrier TORM
Marlene (built in 1997). The vessel has been sold for a total
consideration of USD 70 million and is expected to be delivered in
May 2008.As a result of the sale, TORM adjusts the guidance for the
2008 result before tax to USD 250-270 million from the previous
forecast of USD 210-230 million. The sale of the vessel 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
vessel, TORM's owned fleet consists of 56 product tankers and 6 dry
bulk vessels. 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 128 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 http://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. DATASOURCE: A/S Dampskibsselskabet TORM CONTACT: Contact:
A/S Dampskibsselskabet TORM, Telephone: +45-39-17-81-01, Tuborg
Havnevej 18, Mikael Skov, COODK-2900 Hellerup Denmark
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