Sale of one product tanker
News Release
TORM A/S
June 17, 2011
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<P><FONT size=1>TORM has entered into an agreement to sell the product
tanker Potrero. The vessel has been sold for a total consideration of USD
14 million. Potrero will be delivered to the new owner either in the
second or in the third quarter of 2011, where the effect of the
transaction will be recognised in the financial statements. The sale
implies an accounting loss of USD 7 million. The sale of Potrero, built in
1999, is a natural consequence of TORM’s strategy to own and operate a
modern fleet. Following the sale of the vessel, TORM's own fleet consists
of 67.5 product tankers and two dry bulk vessels. In addition, TORM has
four product tankers and two dry bulk vessels on order. The transaction
does not change the Company’s forecast for 2011 of a loss before tax of
USD 100-125 million. </FONT></P></TD></TR></TBODY></TABLE></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
<P align=left></P>
<TABLE dir=ltr border=1 cellSpacing=0 cellPadding=7 width=591>
<TBODY>
<TR>
<TD height=81 vAlign=top>
<P><FONT size=1>TORM has entered into an agreement to sell the product
tanker Potrero. The vessel has been sold for a total consideration of USD
14 million. Potrero will be delivered to the new owner either in the
second or in the third quarter of 2011, where the effect of the
transaction will be recognised in the financial statements. The sale
implies an accounting loss of USD 7 million. The sale of Potrero, built in
1999, is a natural consequence of TORM’s strategy to own and operate a
modern fleet. Following the sale of the vessel, TORM's own fleet consists
of 67.5 product tankers and two dry bulk vessels. In addition, TORM has
four product tankers and two dry bulk vessels on order. The transaction
does not change the Company’s forecast for 2011 of a loss before tax of
USD 100-125 million. </FONT></P></TD></TR></TBODY></TABLE></DIV></BODY></HTML>