TORM expects temporary agreement with banks and time charter owners renewed
News Release
TORM A/S
May 3, 2012
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<P align=left>With reference to announcement no. 15 dated 13 April 2012, TORM
and the Company’s group of</P>
<P align=left>banks agreed on a temporary deferral of instalments and covenant
standstill until 30 April 2012.</P>
<P align=left>TORM expects the temporary agreement with the banks to be renewed
shortly.</P>
<P align=left>Simultaneously, TORM made an agreement with the vast majority of
the time charter partners to</P>
<P align=left>realign charter rates to the current market level until 30 April
2012. TORM also expects this temporary</P>
<P>agreement to be renewed shortly.</P></FONT></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19222"></HEAD>
<BODY>
<DIV><FONT size=2 face=Helvetica><FONT size=2 face=Helvetica>
<P align=left>With reference to announcement no. 15 dated 13 April 2012, TORM
and the Company’s group of</P>
<P align=left>banks agreed on a temporary deferral of instalments and covenant
standstill until 30 April 2012.</P>
<P align=left>TORM expects the temporary agreement with the banks to be renewed
shortly.</P>
<P align=left>Simultaneously, TORM made an agreement with the vast majority of
the time charter partners to</P>
<P align=left>realign charter rates to the current market level until 30 April
2012. TORM also expects this temporary</P>
<P>agreement to be renewed shortly.</P></FONT></FONT></DIV></BODY></HTML>