TORM Increases the Forecast for Profit Before tax to USD 275-295 Million
17 Juin 2008 - 10:17AM
PR Newswire (US)
HELLERUP, Denmark, June 17 /PRNewswire-FirstCall/ -- Due to better
than expected earnings for the Company's product tankers in the
second quarter TORM increases the forecast for profit before tax
for 2008 from USD 250-270 million to USD 275-295 million. 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 128 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 (ticker TORM) as well as on the
NASDAQ (ticker TRMD). For further information, please visit
http://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
andinsurance 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. DATASOURCE: A/S Dampskibsselskabet TORM
CONTACT: Contact: A/S Dampskibsselskabet TORM, Telephone:
+45-39-17-92-00; Klaus Kjaerulff, CEO; Mikael Skov COO; Roland M.
Andersen CFO; Tuborg Havnevej 18, DK-2900 Hellerup, Denmark
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