TORM - Five Vessels Will be Held for Sale in the 2012 Financial Statements
COPENHAGEN, Denmark, Feb. 27, 2013 (GLOBE NEWSWIRE) -- 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
C. Søgaard-Christensen, IR, tel.: +45 3076 1288 www.torm.com
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.
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