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The lower freight rates for product tankers are primarily due to lower demand for transport of oil products as global consumption of oil is expected to be lower than previously anticipated.
"We are experiencing historically low freight rates for product tankers at the moment. Our general strategic view of the product tanker market going forward is unaffected by this fall in rates, and we remain positive on the future prospects of the segment. We are also pleased to note that our efficiency improvement programme is almost fully implemented and that the planned cost savings of USD 40-60 million per year will be achieved from 2010 and onwards," says Mikael Skov, CEO of TORM.
As planned, TORM will release its interim financial statements for the first six months of 2009 on 20 August 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 140 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 OMX Nordic Exchange Copenhagen A/S (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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