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Second Quarter Report 2012

Stocks in this article: TORM TRMD

Net profit/(loss) for the period - - -77.0 -132.1 - - -117.1 -210.8

Q2 2012 Q1-Q2 2012

Announcement no. 30 / 21 August 2012 Second quarter report 2012 4 of 22

Outlook and coverage

The financial result for 2012 is subject to considerable uncertainty given TORM's financial situation and the changes to the Company's business model that may follow. Consequently, TORM has decided not to provide earnings guidance for 2012 before a comprehensive, long-term financing solution is in place.

With 13,782 earning days for 2012 open as at 30 June 2012, a change of USD/day of 1,000 in freight rates will currently impact the profit before tax by approx. USD 14 million.

As at 30 June 2012, TORM had covered 12% of the remaining earning days in 2012 in the Tanker Division at USD/day 14,300 and 119% of the remaining earning days in the Bulk Division at USD/day 12,148. The table below shows the figures for the period from 1 July to 31 December 2012. 2013 and 2014 are full year figures.

2012 2013 2014 2012 2013 2014

Ow ned days

LR2 1,600 3,187 3,267

LR1 1,281 2,509 2,509

MR 7,069 13,997 14,075

Handy size 2,013 3,975 3,944

Tanker Division 11,963 23,667 23,795

Panamax 364 726 694

Handymax - - -

Bulk Division 364 726 694

Total 12,326 24,393 24,489

T/C in days T/C in costs (USD/day)

LR2 366 726 725 20,733 20,729 20,916

LR1 2,009 2,979 2,210 22,387 23,881 24,000

MR 1,830 3,590 3,267 13,643 13,905 14,135

Handy size - - - - - -

Tanker Division 4,205 7,295 6,202 18,437 18,658 18,443

Panamax 1,465 2,690 3,046 16,050 16,231 16,157

Handymax 307 363 363 15,827 15,995 15,995

Bulk Division 1,772 3,053 3,409 16,011 16,203 16,140

Total 5,977 10,348 9,611 17,718 17,934 17,626

Total physical days Covered days

LR2 1,966 3,913 3,992 216 278 225

5 of 26

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