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Second Quarter Report 2012

In the Atlantic spot market, the freight rates for Panamax initially benefitted from the South American grain season, reaching USD/day 15-16,000 only to drop back in May to USD/day 4-5,000 and finally improving towards the end of June to USD/day 7-8,000. The Handymax segment continued to show strength – especially for South American and West African activities on iron ore, sugar and grains – with fronthaul freight rates at USD/day ~20,000.

The number of newbuilding deliveries in the second quarter of 2012 continued at similar high levels as realized in the first quarter of 2012 with 76 Capesize, 102 Panamax and 95 Handymax vessels being delivered (source: SSY).

TORM experienced a continued high number of waiting days and ballasting time in the second quarter of 2012 due to the adverse effects from the Company's financial situation. TORM's Panamax time charter equivalent (TCE) earnings in the second quarter of 2012 were USD/day 9,647 or 40% below the same period in 2011. The realized TCE earnings for Handymax during the second quarter of 2012 were USD/day 4,353, which is 65% lower than in the same period of 2011. The Handymax earnings have been negatively affected by position voyages by the end of the quarter.

The Bulk Division's result was an operating loss of USD 13 million, which included negative mark-to-market effects on unrealized bunker hedge of USD 10 million.

Q2 12 Change

Q2 11

- Q2 12

Panamax (60-80,000 DWT)

Available earning days 2,068 2,279 3,127 1,848 1,447 -30%

TCE per earning day2) 16,015 12,140 14,357 9,670 9,647 -40% 11,998

Operating days 182 184 184 182 182 0%

Operating expenses per operating day3) 3,904 5,126 3,896 3,934 5,130 31% 4,522

Handymax (40-55,000 DWT)

Available earning days 1,133 1,152 1,361 642 260 -77%

TCE per earning day2) 12,554 12,510 13,403 11,763 4,353 -65% 12,105

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