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Third Quarter Report 2010

The result after tax was a loss of USD 27 million in the third quarter of 2010, against a profit of USD 2 million in the third quarter of 2009. The result for the third quarter of 2009 was impacted by a profit of USD 21 million from sale of vessels. No vessels were sold during the third quarter of 2010.

Assets

Total assets increased from USD 3,210 million at 30 June 2010 to USD 3,277 million at 30 September 2010.

On a quarterly basis, TORM calculates the long-term earnings potential of its fleet based on discounted expected future cash flows. The calculated value of the fleet at 30 September 2010 supports the book value.

Liabilities

During the third quarter of 2010, net interest-bearing debt increased to USD 1,738 million from USD 1,691 million at 30 June 2010. The increase in debt is due to borrowing in connection with the newbuilding programme.

Total equity

In the third quarter of 2010, equity decreased from USD 1,220 million at 30 June 2010 to USD 1,190 million, due to the loss posted. Equity as a percentage of total assets was 36% at 30 September 2010, compared to 38% at 30 June 2010.

At 30 September 2010, TORM held 3,461,580 treasury shares, corresponding to 4.8% of the Company's share capital, which is unchanged since 30 June 2010.

Liquidity 

TORM's undrawn credit facilities and cash totalled about USD 500 million at the end of the third quarter of 2010.

Outlook

TORM forecasts a loss before tax of USD 75-85 million for 2010 as stated in announcement no. 11 dated 4 November 2010.

Coverage

At 30 September 2010, TORM had covered 30% of the remaining earning days for 2010 in the Tanker Division at USD/day 16,173 and 87% of the remaining earning days in the Bulk Division at USD/day 19,791.

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