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TORM Signs Restructuring Agreement With Its Banks And Time Charter Partners

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the conclusion of definitive waiver documents with our lenders, the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for "tonne miles" of oil carried by oil tankers, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM's operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K.

Forward-looking statements are based on management's current evaluation, and TORM is only under an obligation to update and change the listed expectations to the extent  its banks and time charter partners

Appendix 1: Coverage table as of 30 September with new time charter rates:

 

  2012 2013 2014 2012 2013 2014
  Ow ned days      
LR2 799 2,824 2,904      
LR1 637 2,509 2,509      
MR 3,427 14,037 14,075      
Handysize 1,001 3,975 3,944      
Tanker division 5,864 23,344 23,432      
Panamax 180 726 694      
Handymax -- -- --      
Bulk division 180 726 694      
Total 6,044 24,070 24,126      
             
  T/C in days at f ixed rate T/C in costs, USD/day
LR2 -- -- --  -- --  -- 
LR1 785 75 -- 17,914 11,000  --
MR 242 1,049 726 13,188 14,046 15,145
Handysize -- -- -- -- -- --
Tanker division 1,027 1,124 726 16,800 13,843 15,145
Panamax 580 1,964 1,817 14,177 12,880 12,386
Handymax 278 -- -- 13,059 -- --
Bulk division 858 1,964 1,817 13,815 12,880 12,386
Total 1,885 3,088 2,543 15,441 13,230 13,174
             
  T/C in days at f loating rate      
LR2 182 726 725      
LR1 -- -- --      
MR 91 363 363      
Handysize -- -- --      
Tanker division 273 1,089 1,088      
Panamax 91 726 411      
Handymax 147 363 363      
Bulk division 238 1,089 774      
Total 511 2,178 1,862      
             
  Total physical days Covered days
LR2 981 3,550 3,629 176 391 337
LR1 1,422 2,584 2,509 236 365 175
MR 3,760 15,449 15,164 634 743 --
Handysize 1,001 3,975 3,944 30 -- --
Tanker division 7,164 25,557 25,246 1,076 1,499 512
Panamax 851 3,416 2,922 1,161 720 25
Handymax 425 363 363 566 1,177 869
Bulk division 1,276 3,779 3,285 1,727 1,897 895
Total 8,440 29,336 28,531 2,803 3,397 1,407
             
  Covered, % Coverage rates, USD/day
LR2 18% 11% 9% 15,687 16,650 16,617
LR1 17% 14% 7% 14,228 15,666 15,666
MR 17% 5% 0% 13,759 13,932 --
Handysize 3% 0% 0% 5,378 -- --
Tanker division 15% 6% 2% 13,944 15,063 16,292
Panamax 137% 21% 1% 11,599 14,873 20,070
Handymax 133% 324% 240% 11,073 13,709 16,508
Bulk division 135% 50% 27% 11,427 14,151 16,609
Total 33% 12% 5% 12,393 14,553 16,494

Fair value of f reight rate contracts that are mark-to-market in the income statement (USD m):

Contracts not included above  0.0
Contracts included above  8.4

Notes

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