TORM
A/S
(registrant)
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By: | /s/ Mikael Skov | |
Dated:
December 4, 2009
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Name:
Mikael Skov
Title: Chief
Executive Officer
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ANNOUNCEMENT
NO 18 – 2009
4 December 2009
Financing
agreement for six of the Company’s MR newbuildings
TORM
has entered into a financing agreement for six of the Company’s MR
newbuildings to be delivered to the Company between 2010 and
2012.
The agreement, which
amounts to USD 167 million, has been concluded with Bank of China and
Société Générale as well as the Chinese export credit insurer Sinosure.
The main conditions are
in line with the Company's existing loan
agreements.
Including
this agreement TORM’s unutilized loan facilities and cash total USD 565
million while the remaining investments relating to the order book amount
to USD 455 million as of 30 November 2009.
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Contact: |
Mikael
Skov, CEO, tel.: +45 39 17 92 00
Roland
M. Andersen, CFO, tel.: +45 39 17 92 00
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About TORM | TORM
is one of the world’s leading carriers of refined oil products as well as
a significant participant in the dry bulk market. The Company runs a fleet
of approximately 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 the
NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker:
TRMD). For further information, please visit www.torm.com.
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Safe
Harbor
Forward
Looking
Statements
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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 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 obligation to update and change the listed expectations to
the extent required by law.
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4 DECEMBER 2009 | TORM A/S – FINANCING AGREEMENT FOR SIX OF THE COMPANY’S MR NEWBUILDINGS | 1/1 |