TORM cancels one MR product tanker

News Release TORM A/S March 16, 2012

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TORM has entered into an agreement to cancel one MR product tanker
newbuilding, which was
scheduled for delivery in the second quarter of 2014. The parties
have agreed not to disclose the
terms.
“With this agreement, TORM's order book is empty. A substantial
reduction in CAPEX commitments
has been a key element towards the Company's long-term financial
solution,” says CFO Roland M.
Andersen
The effects of the transaction will be recognized in the financial
statements in the first quarter of
2012 and lead to a P&L loss of approx. USD 2 million. It does
not have any short-term cash impact.
Following the cancellation, TORM’s owned fleet consists of 66.5
product tankers and two dry bulk
vessels and TORM does not have any newbuildings on
order.
Contact TORM A/S
Jacob Meldgaard, CEO, tel.: +45 3917 9200
Roland M. Andersen, CFO, tel.: +45 3917 9200
C. Søgaard-Christensen, IR, tel.: +45 3076 1288
Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393
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