Accounting Effects of the Restructuring

Accounting Effects of the Restructuring

COPENHAGEN, Denmark, Nov. 15, 2012 (GLOBE NEWSWIRE) -- With reference to
announcement no. 35 dated 7 November 2012, the planned effects on TORM's
statutory accounts of the restructuring with the banks and time charter
partners have been confirmed by a ruling from the Danish Securities Council.
The net effects in the fourth quarter of 2012 will amount to:

  *The capital increase of USD 200 million by conversion of debt will be
    recognized as an increase in equity
  *A net loss of approx. USD 150 million mainly related to cancelled time
    charter agreements (operational leases) and finance lease time charter
    agreements will be recognized in the P/L
  *The net impact on equity is hereafter positive by approx. USD 50 million
  *The net effects do not have an impact on liquidity

TORM maintains a forecasted loss before tax of USD 350-380 million excluding
the accounting effects of the restructuring. The Company forecasts a loss
before tax of 500-530 million for 2012 including the accounting effects of the
restructuring and excluding further vessel sales and potential impairment
charges. The Company will make further details available in the listing
prospectus planned for later this year.

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. Soegaard-Christensen, IR, tel.: +45 3076

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 operates a fleet of
approximately 120 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

Safe Harbor statements as to the future

Matters discussed in this release may constitute forward-looking statements
and may be more detailed than regular practice. 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

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.
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