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Third Quarter Report 2010

On 16 November TORM acquired 50% of the vessel TORM Marina for USD 27 million, corresponding to a vessel value of USD 26 million.

TORM has during the fourth quarter, as announced on 1 November in announcement no. 10, entered into an agreement to sell the two Kamsarmax dry bulk newbuildings with planned delivery to TORM in Q1 2011. The newbuildings have been sold for a total consideration of USD 90 million with a total net loss of USD 16 million. The newbuildings are expected to be delivered to the new owner in the first quarter of 2011, where the effect of the transaction will be recognised in the financial statements.

Third quarter of 2010

Results

Gross profit for the third quarter of 2010 came to USD 49 million, down from USD 54 million for the corresponding period of 2009. Administrative expenses for the third quarter of 2010 were USD 25 million, against USD 18 million for the third quarter of 2009. The third quarter of 2010 includes a one-off provision for organisational and management changes in 2010. Profit before depreciation and amortisation (EBITDA) for the period was USD 23 million, against USD 59 million for the third quarter of 2009. The third quarter of 2009 was positively affected by a profit of USD 21 million from sale of vessels.

Depreciation was USD 35 million during the third quarter of 2010.

Operating profit for the third quarter of 2010 was a loss of USD 13 million, compared to an operating profit of USD 24 million for the same quarter of 2009.

The third quarter of 2010 was impacted by mark-to-market non-cash adjustments of USD 0 million in total, USD 0.2 million related to FFA/bunker derivatives and USD -0.2 million on other derivative financial instruments.

In the third quarter of 2010, financial items amounted to an expense of USD 14 million, against an expense of USD 20 million in the same quarter of 2009.

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