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Second Quarter Report 2012

Tuborg Havnevej 18, DK-2900 Hellerup, Denmark

Tel.: +45 39 17 92 00 / Fax: +45 39 17 93 93

www.torm.com

Jacob Meldgaard, CEO, tel.: +45 39 17 92 00

Roland M. Andersen, CFO, tel.: +45 39 17 92 00

Christian Søgaard-Christensen, IR, tel.: +45 30 76 12 88

Key figures

*) Gains/losses from sale of vessels and the mark-to-market adjustments of 'Other financial assets' are not annualized when calculating the return on equity.

**) Gains/losses from sale of vessels are not annualized when calculating the Return on Invested Capital.

Q1-Q2 Q1-Q2

Million USD Q2 2012 Q2 2011 2012 2011 2011

Income statement

Revenue 272.3 335.7 582.9 606.1 1,305.2

Time charter equivalent earnings (TCE) 102.6 178.8 254.6 326.3 644.3

Gross prof it 0.6 39.1 27.9 66.9 81.0

EBITDA -22.9 29.5 -30.0 33.6 -43.8

Operating prof it (EBIT) -98.5 -7.0 -139.6 -39.5 -388.6

Prof it/(loss) before tax -132.1 -23.7 -210.6 -68.6 -451.4

Net prof it/(loss) -132.1 -24.3 -210.8 -69.6 -453.0

Balance sheet

Total assets 2,543.8 3,201.8 2,543.8 3,201.8 2,779.2

Equity 434.5 1,036.9 434.5 1,036.9 643.8

Total liabilities 2,109.3 2,164.9 2,109.3 2,164.9 2,135.4

Invested capital 2,274.4 2,857.7 2,274.4 2,857.7 2,425.1

Net interest bearing debt 1,851.8 1,823.9 1,851.8 1,823.9 1,786.8

Cash flow

From operating activities -19.5 -30.2 -76.1 -41.3 -74.8

From investing activities 5.9 60.3 11.1 93.4 168.2

Thereof investment in tangible f ixed assets -4.4 -34.4 -48.5 -102.4 -118.4

From f inancing activities 0.9 -25.4 -3.8 -25.0 -127.8

Total net cash f low -12.7 4.7 -68.8 27.1 -34.4

Key financial figures

Gross margins:

TCE 37.7% 53.3% 43.7% 53.8% 49.4%

Gross prof it 0.2% 11.6% 4.8% 11.0% 6.2%

EBITDA -8.4% 8.8% -5.1% 5.5% -3.4%

Operating prof it -36.2% -2.1% -23.9% -6.5% -29.8%

Return on Equity (RoE) (p.a.)*) -98.0% -10.7% -75.2% -12.9% -51.5%

Return on Invested Capital (RoIC) (p.a.)**) -16.8% -1.7% -11.2% -2.8% -14.4%

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