TORM reaches temporary standstill with its bank group and time charter partners

News Release TORM A/S April 14, 2012

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TORM and the Company’s bank group have as expected extended the
deferral of instalments and
covenant standstill until 30 April 2012. The temporary agreement
is subject to the continued progress
of the negotiations towards the financing framework agreement in
principle as described in
announcement no. 14 dated 4 April 2012.
Simultaneously, the vast majority of time charter partners have
agreed to realign charter rates to the
current market level until 30 April 2012, whilst finalizing the
conditional framework agreement in
principle.
“This is a strong signal that TORM’s major creditors wish to
contribute to the completion of a financial
solution,” says CFO Roland M.
Andersen.</DIV></BODY></HTML>