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COPENHAGEN, Denmark, Feb. 27, 2013 (GLOBE NEWSWIRE) -- With reference to company announcement no. 40 dated 7 December 2012, one bank group has exercised an option to initiate a TORM-led sales process for five vessels. As this process is progressing well and is expected to be concluded in 2013, TORM will classify these vessels as assets held for sale in the 2012 financial statements, which will cause a USD 74 million impairment loss.
As a consequence of the USD 74 million impairment loss from assets held for sale, TORM revises its forecast for the full year 2012 from an expected loss before tax of USD 500-530 million to an expected loss before tax of approximately USD 579 million.
TORM will publish its Annual Report for 2012 on 13 March 2013 as planned.
TORM is one of the world's leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 100 modern vessels in cooperation with other respected shipping companies sharing TORM's commitment to safety, environmental responsibility and customer service.
TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM's shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit
Safe Harbor statements as to the future
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.