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ANNOUNCEMENT NO. 11 - 2010
Expectations to the freight rate development in the fourth quarter of 2010 leads to a revised forecast for the result before tax for 2010
As a result of the expectations for the freight rate development for product tankers in the fourth quarter of 2010, TORM revises its forecast for 2010 from an expected loss before tax of USD 40-60 million to an expected loss before tax of USD 75-85 million.
"The rates for product tankers continue to be weak, and the signs of recovery we experienced during the summer months of 2010 have not materialised into better rates. However, this does not change our long-term view of the product tanker market, and we remain positive on the future prospects of this segment," CEO Jacob Meldgaard says.
As planned, TORM will release its interim financial statements for the first nine months of 2010 on 18 November 2010.
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 140 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 (Copenhagen:TORM) and on NASDAQ in New York (Nasdaq:TRMD). For further information, please visit
Safe Harbor Forward Looking Statements
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 other statements, which are 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 assure you that it will achieve or accomplish these expectations, beliefs or projections.