Ensuring quality in everythingTORM handles the technical management of the Company's vessels itself, and with optimized processes and systems this provides an improved scope for technical and commercial action. For instance, TORM strives to be a quality carrier approved at all times by a pre-defined, representative group of oil majors, thus securing optimal trading flexibility and profitability. During 2012, TORM again improved its performance on this objective by 2 percentage points compared to 2011. TORM also made significant headway on the integration of the IT landscape, resulting in a number of efficiency enhancements across the value chain. Acting responsibly Acting responsibly is key to TORM's way of doing business, and TORM strives to uphold the highest safety, environment and CSR standards. For example, through training of officers TORM has managed to carry on the positive trend in central CSR key indicators in relation to environment, health, safety and security. TORM takes a proactive approach to fuel efficiency as it has a significant environmental and financial impact. The Company focuses on a combination of technical modifications of vessels, training in energy efficiency and addressing the mindset and behavior of the relevant stakeholders. TORM expects to be able to reduce the fuel consumption of the existing fleet by up to 10% over the coming years, which will lead to cheaper operations on full implementation of such measures. Accordingly, the difference between the latest, fuel-efficient vessel designs and older vessels can be minimized, thus retaining their competitiveness of older vessels. As in previous years, TORM has issued a separate CSR report for 2012, which details TORM's efforts and results in these areas. This report is available at TORM's website. Operating in a cost-efficient manner Among other measures, TORM has reduced administrative expenses from USD 90 million in 2008 to USD 67 million in 2012. With the latest string of measures, TORM expects to be able to further cut administrative expenses significantly in 2013.