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Second Quarter Report 2012

The Bulk Division had an operating loss in the second quarter of 2012 of USD 13 million, compared to a loss of USD 7 million in the second quarter of 2011.

Other (not allocated) activities include an impairment loss on FR8 of USD 42 million and financial expenses of USD 18 million in costs related to the restructuring of the Company's capital structure.

The activity in TORM's 50% ownership in FR8 Holding Pte. Ltd. is included in "not-allocated"

Profit/(loss) by segment

Million USD

Tanker Bulk Not Tanker Bulk Not

Division Division allocated Total Division Division allocated Total

Revenue 232.6 39.7 0.0 272.3 484.0 98.9 0.0 582.9

Port expenses, bunkers and commissions -137.0 -24.6 0.0 -161.6 -275.7 -58.1 0.0 -333.8

Freight and bunkers derivatives -0.1 -8.0 0.0 -8.1 -0.5 6.0 0.0 5.5

Time charter equivalent earnings 95.5 7.1 0.0 102.6 207.8 46.8 0.0 254.6

Charter hire -43.7 -16.9 0.0 -60.6 -94.9 -50.1 0.0 -145.0

Operating expenses -40.4 -1.0 0.0 -41.4 -80.0 -1.7 0.0 -81.7

Gross profit (Net earnings from shipping activities) 11.4 -10.8 0.0 0.6 32.9 -5.0 0.0 27.9

Prof it from sale of vessels 0.0 0.0 0.0 0.0 -15.9 0.0 0.0 -15.9

Administrative expenses -14.8 -1.7 0.0 -16.5 -29.7 -3.4 0.0 -33.1

Other operating income 0.3 0.1 0.0 0.4 0.8 0.1 0.0 0.9

Share of results of jointly controlled entities -5.5 0.0 -1.9 -7.4 -5.4 0.0 -4.4 -9.8

EBITDA -8.6 -12.4 -1.9 -22.9 -17.3 -8.3 -4.4 -30.0

Impairment losses on jointly controlled entities 0.0 0.0 -41.5 -41.5 0.0 0.0 -41.5 -41.5

Amortizations and depreciation -33.5 -0.6 0.0 -34.1 -66.8 -1.3 0.0 -68.1

Operating profit (EBIT) -42.1 -13.0 -43.4 -98.5 -84.1 -9.6 -45.9 -139.6

Financial income - - 3.2 3.2 - - 6.8 6.8

Financial expenses - - -36.8 -36.8 - - -77.8 -77.8

Profit/(loss) before tax - - -77.0 -132.1 - - -116.9 -210.6

Tax - - 0.0 0.0 - - -0.2 -0.2

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