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As part of the programme, TORM has re-organized its global set-up of crew and fleet management to better support commercial requirements and to align with TORM's overall strategy. Likewise, support functions will be further centralized to achieve synergies and better utilize the global IT platform.Further standardization of maintenance as well as crew optimization will not only secure reductions in operating expenses, but also improve efficiency and enhance the quality of TORM's service to the benefit of the customers.
As a result of the rollout of Greater Efficiency Power, 35 land-based employees throughout the organization will be made redundant over the coming months, corresponding to approximately 10 percent of all onshore staff.
"A plan like Greater Efficiency Power is a logical and necessary consequence of the strong growth TORM has experienced in the past five years and has been planned prior to the economic slowdown. This is also meant to create the foundation for TORM's future growth," CEO Mikael Skov says.
The net effect of the above will have no influence on TORM's 2009 pre-tax profit forecast of USD 100-140 million incl. sale of vessels as stated on 9 June 2009 (announcement no. 9/2009).
About TORM
TORM is one of the world's leading carriers of refined oil products as well as being a significant participant in the dry bulk market. The Company operates a combined fleet of more than 130 modern vessels, principally through a pooling cooperation with other respected shipping companies who share 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 the Copenhagen Stock Exchange (Copenhagen:TORM) as well as on the NASDAQ (Nasdaq:TRMD). For further information, please visit www.torm.com.
Safe Harbor Forward Looking Statements
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 other statements, which are 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 assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies 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 governmental rules and regulations 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 U.S. 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 obligation to update and change the listed expectations to the extent required by law.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: A/S Dampskibsselskabet TORM
A/S Dampskibsselskabet TORM
Mikael Skov, CEO
Roland M. Andersen, CFO
+45 39 17 92 00
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