TORM - Five Vessels Will be Held for Sale in the 2012 Financial Statements
February 27 2013 - 1:00PM
With reference to company announcement no. 40 dated 7 December
2012, one bank group has exercised an option to initiate a TORM-led
sales process for five vessels. As this process is progressing well
and is expected to be concluded in 2013, TORM will classify these
vessels as assets held for sale in the 2012 financial statements,
which will cause a USD 74 million impairment loss.
As a consequence of the USD 74 million impairment loss from
assets held for sale, TORM revises its forecast for the full year
2012 from an expected loss before tax of USD 500-530 million to an
expected loss before tax of approximately USD 579 million.
TORM will publish its Annual Report for 2012 on 13 March 2013 as
planned.
Contact TORM A/S |
Tuborg Havnevej 18 |
Jacob Meldgaard, CEO, tel.: +45 3917
9200 |
DK-2900 Hellerup, Denmark |
Roland M. Andersen, CFO, tel.: +45 3917
9200 |
Tel.: +45 3917 9200 / Fax: +45 3917 9393 |
C. Søgaard-Christensen, IR, tel.: +45
3076 1288 |
www.torm.com |
About TORM
TORM is one of the world's leading carriers of refined oil
products as well as a significant player in the dry bulk market.
The Company runs a fleet of approximately 100 modern vessels in
cooperation with other respected shipping companies sharing 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 NASDAQ OMX Copenhagen (ticker: TORM) and on
NASDAQ in New York (ticker: TRMD). For further information, please
visit www.torm.com.
Safe Harbor statements as to the future
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
statements 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 guarantee 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 conclusion of definitive waiver documents
with our lenders, the strength of the world economy 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 the regulation
of shipping operations, 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 an obligation to update and
change the listed expectations to the extent required by law.