TORM Expects Temporary Bank Agreement to be Renewed
March 15 2012 - 3:15PM
With reference to announcement no. 8 dated 2 March
2012, TORM and the Company's group of banks agreed on a temporary
deferral of instalments and covenant standstill until 15 March
2012. TORM expects the temporary agreement with the banks to be
renewed shortly. |
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Contact TORM A/S Jacob
Meldgaard, CEO, tel.: +45 3917 9200 Roland M. Andersen, CFO, tel.:
+45 3917 9200 C. Soegaard-Christensen, IR, tel.: +45 3076 1288 |
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Tuborg Havnevej 18 DK-2900
Hellerup, Denmark Tel.: +45 3917 9200 / Fax: +45 3917 9393
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 160 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.
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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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