Presentation of Q2 2011 results 1 Safe Harbour Statement Matters - - PowerPoint PPT Presentation

1

Presentation of Q2 2011 results

Safe Harbour Statement

Matters discussed in this presentation may constitute forward-looking statements. Such statements reflect TORM's current expectations and are subject to certain risks and uncertainties that could negatively impact TORM's business. To understand these risks and uncertainties, please read TORM's announcements and filings with The US Securities and Exchange Commission. The presentation may include statements and illustrations concerning risks, 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 presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, TORM's examination of historical operating trends, data contained in our records and other data available from third parties. As many of these factors are subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM makes no warranties or representations about accuracy, sequence, timeliness or completeness of the content of this presentation. 2

Highlights for Q2 2011

Highlights Finance Tanker market Dry bulk market

Results Tanker

• H1 loss before tax of USD 69m
• Q2 loss before tax of USD 24m
• In line with expectations
• Temporary rate spikes in Q2 2011 in the Western hemisphere from arbitrage
• Market recovery postponed by oversupply of tonnage, and adverse effects

from Japan, Libya, and the release of strategic petroleum reserves

• Q2 2011 was influenced negatively by the Japanese earthquake

3

3

Bulk Financing and liquidity Forecast

• Q2 2011 was influenced negatively by the Japanese earthquake
• Continued high inflow of new tonnage in all segments
• USD 630m medium term bank financing announced in Q2 2011
• 2 vessels sold during Q2 2011 in sale-and-leaseback agreements with

purchase options

• 1 older product tanker vessel sold to maintain modern fleet
• Great uncertainty due to the global economy, the volatility in the freight rates

and TORM’s open earning days

• Forecast for 2011 result before tax revised to a loss of USD 100-175m due to

revised freight rate expectations for second half of 2011

Financial highlights H1 2011

• H1 2011 loss before tax of USD

69m as expected

• H1 2011 EBITDA of USD 34m

compared to H1 2010 EBITDA of USD 79m – difference primarily explained by lower coverage in a Financials

Highlights Finance Tanker market Dry bulk market

USD million H1 2011 H1 2010 2010 2009 P&L Gross profit 67 97 180 243 Sale of vessels 1 18 2 33 EBITDA 34 79 97 203 Profit before tax

• 69
• 22
• 136
• 19

Balance

explained by lower coverage in a low freight rate environment

• Positive investment cash flow of

USD 195m from sale of vessels in H1 2011

• USD 102m in instalments on

newbuildings in H1 2011

4 Balance Equity 1,037 1,220 1,115 1,247 NIBD 1,824 1,691 1,875 1,683 Cash and cash equivalents 147 121 120 122 Cash flow statement Operating cash flow

• 41

21

• 1

116 Investment cash flow 93

• 27
• 187
• 199

10 20 30 40 50 60 70 80 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

LR2 (TC1)

MAX MIN 2011

50 60 70

LR1 (TC5)

The product tankers freight rates

• TORM outperform the benchmarks

– Q2: LR2 -18%, LR1 +63% and MR +44% – 12 months: LR2 +14%, LR1 +40% and MR +22%

• Q2 2011 positive impacts:

– Oil demand up – Non-fundamental demand due to oil price volatility – Transatlantic MR strength from arbitrage

• pportunities and US export to South America

Finance Tanker market Dry bulk market Highlights

Freight rates (MR, LR1 and LR2) in USDt/day

10 20 30 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

MAX MIN 2011

10 20 30 40 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

MR (TC2)

2005 - 2009 range 2009 2010 2011

5

• Q2 2011 negative impacts:

– Ample tonnage, notably in the East market – Low demand in the East market – Low US gasoline import – Continued low level of floating storage – Weak dirty market – Release of Strategic Petroleum Reserves

• Into Q3 2011 – negative sentiment

– General uncertainty inmacro outlook – Ample tonnage situation

Source: Clarksons, until 5 August 2011

LR2 : Aframax tanker 80-120,000 dwt , LR1: Panamax tanker 60-80,000 dwt, MR/Handymax tanker 30-60,000 dwt

The Tanker market impacted by

Increased oil demand

Finance Tanker market Dry bulk market

• Continued increase in world oil demand

– Q2 2011 +0.9% (0.7m barrels/day) vs Q2 2010 – Q1 2011 +2.5% vs Q1 2010

Highlights

Continued WTI Brent spread and volatility

Million barrels pr.day

6

Source: IEA and Factset

• Continued oil price volatility

– Arbitrage movements “helped” by volatility

• Continued Brent/WTI spread

– Improved US refinery margins – Higher US export

• a

• r

• l

• f

Continued WTI Brent spread and volatility

USD/bbl

Supply continues to be affected by slippage

Slippage is continuing…

• Significant slippage continues

– H1 2011, slippage of 60% – Delivery of 30 vessels in Q2 2011 – H1 2011 net fleet growth of 3%

Finance Tanker market Dry bulk market Highlights

• No. of

vessels

10% 8% 5% 4% 4%

0% 2% 4% 6% 8% 10% 12%

• 50

50 100 150 200 250 300 2009 2010 2011 2012 2013 LR2 LR1 MR SR New ordering est. Total by MR equivalent

7

• Order book stands at 14% of the fleet on water
• Slippage expected to continue

– 30% in 2011 and 2012 – No slippage from 2013 as there is free yard capacity compared to orders this year

• TORM estimates 10% cancellations
• Assumed new ordering of 40 MR (2013 delivery)
• Total net growth in the fleet declines from 5% in 2011 to
• approx. 4% in 2013

…and net fleet growth is declining

Note: Net fleet growth: Gross order book adjusted for scrapping, slippage, phase out of single hulls and new ordering Source: Inge Steensland and TORM

No % yoy

Product Tanker market - demand will outgrow supply from 2011 to 2013

Demand and supply development (2011 - 2013) Swing factors:

• Order book delays
• Delays in refineries
• Floating storage
• Slow steaming
• Changes in transport

patterns

• Embargoes & strikes
• Blockage of water ways

and ports

• Disruptions to refinery

production

Finance Tanker market Dry bulk market Highlights

206 403 54 68 75 40 258 404 72 74 40 250 500 750 Refinery and transportation Growth in oil demand Increasing port days bitrage/cross e/triangulation Total demand increase Swing factors Total supply increase Phase out & scrapping LR into dirty market Cancellations dditional 2013 deliveries der book gross Number of vessels*

Demand Supply

75 delivered in H1 2011 329 to be delivered

production

• Hurricanes

*All effects are recalculated into MR equivalents – to enable comparision based on their volume relative to MR

8

Source: TORM research

• Refinery expansions in the Middle East and

India & changes in transport patterns

• Increased oil demand
• Increasing port days due to increased

activity/bottlenecks

• Arbitrage
• Improving US exports
• LR into dirty

– Some LR1 vessels are replacing Panamax phase outs in crude – 30% of LR2 vessels are trading in the crude

• Phase-out of single hulls and scrapping of old

tonnage

• Additional new ordering of 2013 deliveries

Demand primarily affected by Supply primarily affected by

R tr Inc Arbi trade/ T S C Ad Orde

10 20 30 40 50 60 Jan/08 Jul/08 Jan/09 Jul/09 Jan/10 Jul/10 Jan/11 Jul/11

MR newbuilding and second-hand prices

Product tanker vessel prices stable – but limited S&P activity

• Stable new building prices from established

yards

• New building slots covered until Q4 2012
• Good demand for modern second-hand units at

unchanged prices

• Prices for older pre 2000 built vessels under

pressure

• Potential distressed assets sales may impact

the general price level negatively

Finance Tanker market Dry bulk market Highlights USDm

Vessel price development

10 20 30 40 50 60 5 10 15 20 25 30 Jan/08 Jul/08 Jan/09 Jul/09 Jan/10 Jul/10 Jan/11

MR - 1 year T/C and second-hand prices

1 Year Time charter R ate 47-48,000 Modern Products Tanker MR 5 year old second-hand prices (right axis) MR DWT Products Tanker New building Prices MR 5 year old second-hand prices

9

• T/C rates and second-hand prices are still

relatively well correlated

USDm USDt/day

Source: Clarksons, until 5 August 2011

Jul/11

10 20 30 40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Panamax

2005 - 2009 range 2009 2010 2011

Dry bulk market

Freight rate development in USDt/day

• Dry bulk freight rates remained under pressure in

Q2 2011 – High influx of new tonnage, +4% of global fleet in Q2 2011 – Lower Japanese import following the Tsunami and subsequent interruptions

• TORM has in Q2 2011 maintained its number of

shorter TC-in

Finance Tanker market Dry bulk market Highlights

10

Vessel price development

• Decreasing new building prices from Chinese

shipyards

• Increase in the number of second-hand vessels

available for sale

• Further softening of second-hand prices
• High level of scrapping activity

Source: Clarksons, until 5 August 2011 20 40 60 80 100 Jan/08 Jul/08 Jan/09 Jul/09 Jan/10 Jul/10 Jan/11 Jul/11

Panamax newbuilding and second-hand prices

75-77.000 DWT Panamax Bulkcarrier New building Prices Panamax 76K bulk carrier 5 Year Old Secondhand Prices

USDm

Dry bulk market dependant on China and high supply

• China is the dominant importer of iron ore and

coal - produces 50% of the world steel

• Continued strong iron ore import in Q2 2011;

– 157m tons iron ore; +2% compared to Q2 2010 – Some weakening to 177m tons in Q2 2011

• Coal import recovered from the Australian

flooding – +19% compared to Q1 2011 – +5% compared to Q2 2010 Chinese coal and ore import

Million tons Finance Tanker market Dry bulk market Highlights 10 20 30 40 50 60 70 80 2005 2006 2007 2008 2009 2010 2011 Iron ore & concentrate Coal

2 4 6 8 10 12 14 16 18

• 20

20 40 60 80 100 120 2009 2010 2011 2012 2013 Deletions Deliveries Increase in total fleet (right axis) Source: EcoWin and Drewry

mdwt % y-o-y

Dry bulk order book

• The total dry bulk fleet increased by 15% in 2010

– Expected to grow by 16% in 2011 – 9% growth in H1 2011

• Total orderbook stands at 43% of the current fleet
• Relatively lower order book in TORM’s core fleet

segment (panamax/handymax)

• Cancellation and slippage is expected to continue

– Cancellation of 15-20% – Slippage of 30-40%

11

3.000 4.000 5.000 6.000 7.000 8.000 9.000 LR2 LR1 MR SR Panamax Development in operating cost per day (USD/day)

Continued efficiency focus

• H1 2011 OPEX as expected – Upward price

pressure on: – Luboil due to higher oil prices – Crew costs in the Far East from a growing Development in OPEX and admin expenses

Finance Tanker market Dry bulk market Highlights

20% 26% 19% 11% 29% Pan

2008 2009 2010 2011 (H1)

12

global fleet

• Additional efficiency savings of USD 10m

identified, with full effect in 2012 – Procurement initiatives – incl. dry-docking – Changed crew mix – nationality – Evaluation of flag strategy – possibility of up to 25 vessels to move from DIS to Singapore register

One-off 10 12 14 16 18 20 22 24 2008 2009 2010 2011

Administrative expenses (quarterly avg.) USD m

23%

TORMs financial position

• Total cash and undrawn credit facilities USD

288m as per 30 June 2011

• Remaining CAPEX of USD 167m relating to the

newbuilding program as per 30 June 2011

• Key funding initiatives during Q2:

– Announcement of a planned fully underwritten rights issue of USD 100m in H2 2011 – Extension of 2013 facility until 2015 – Sale and leaseback arrangements – Gross debt reduced by USD 23m since Q1 Status

Finance Tanker market Dry bulk market Highlights

20 76 50 22 167 288 Rights issue 100

• 50

100 150 200 250 300 350 400 450 2011 RoY 2012 2013 2014 Total capex Cash and undrawn Remaining capex and liquidity * Vessel sale 14

13

– Gross debt reduced by USD 23m since Q1 2011

• In addition TORM has sold the product tanker

TORM Portrero for a total consideration of USD 14m, the vessel was delivered in Q3

• TORM’s main debt covenants:

– Min. book equity ratio of 25% – Min. book value of equity of DKK 1.25bn (app. USD 250m) – Not less than USD 60m in liquidity

• TORM only has one loan to value covenant on

the extended facility, commencing start 2013

* Including financial leases undrawn credit facilities 105 227 324 278 1.051 1.984 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 2011 RoY 2012 2013 2014 2015 and after Total debt* Repayment profile

TORMs forecast for 2011

• Change in profit with change in freight rates

Finance Tanker market Dry bulk market Highlights

2011 forecast Sensitivity for 2011 USDm Change in freight rates (USD/day) Segment

• 2,000
• 1,000

1,000 2,000 Tankers

• 29
• 15

15 29

• Great uncertainty due to the global economy, the volatility in the freight rates and

TORM’s open earning days

• Forecast for 2011 result before tax revised to a loss of USD 100-175m due to

revised freight rate expectations for second half of 2011

14

Coverage 18% 4% 1% 75% 23% 15% 0% 20% 40% 60% 80% 2011 2012 2013 Tanker Division Bulk Division Rates (USD/day) 14,659 15,742 16,220 18,124 15,666 16,611 Tankers

• 29
• 15

15 29 Bulk

• 2
• 1

1 2 Total

• 31
• 15

15 31

Appendix

15

Introduction to TORM

Global footprint based on regional power and presence Key facts A world leading product tanker company

A leading product tanker owner Growing presence in dry-bulk 120 years of history

Listings

16

Seafarers: ~2,900

350 Danish seafarers 100 Croatian/Italian seafarers 1,400 Indian seafarers 1,050 Philippine seafarers

TORM Offices: ~330

200 in Copenhagen 20 in Singapore 20 in Manila 80 in Mumbai 10 in Stamford 1 in Rio de Janeiro NASDAQ OMX Copenhagen NASDAQ in New York

Market cap

USD ~300m (30 June 2011)

Large and modern fleet (as per 30 June 2011)

# of vessels Q1 2011 Changes Q2 2011 Q3 2011 Q4 2011 2012 2013 2014 Ow ned vessels LR2 13.0 (2.0) 11.0 LR1 7.5

• 7.5

MR 39.0

• 39.0

1.0 1.0 1.0 1.0 SR 11.0

• 11.0

Tanker Division 70.5 (2.0) 68.5

• 1.0

1.0 1.0 1.0 Panamax 2.0

• 2.0

1.0 1.0 Handymax

• Bulk Division

2.0

• 2.0
• 1.0

1.0

• Total

72.5 (2.0) 70.5

• 1.0

2.0 2.0 1.0 TC-in vessels w ith contract period >= 12 months LR2

• 2.0

2.0 LR1 16.0 1.0 17.0 MR 11.0

• 11.0

SR

• Tanker Division

27.0 3.0 30.0

• Current fleet

New buildings and T/C-in deliveries w ith a period >= 12 months

17

Note: The contract duration is defined based on the conractual period and does not include optional periods Tanker Division 27.0 3.0 30.0

• Panamax

11.0 1.0 12.0 1.0 2.0 1.0 2.0 Handymax 2.0

• 2.0

Bulk Division 13.0 1.0 14.0 1.0

• 2.0

1.0 2.0 Total 40.0 4.0 44.0 1.0

• 2.0

1.0 2.0 TC-in vessels w ith contract period < 12 months LR2 LR1 MR SR Tanker Division

• Panamax

11.0 (2.0) 9.0 Handymax 10.0 (2.0) 8.0 Bulk Division 21.0 (4.0) 17.0 Total 21.0 (4.0) 17.0 Pools/Commercial managment 26.0

• 26.0

Total fleet 159.5 157.5 Note: The contract duration is defined based on the contractual minimum period and does not include optional periods There is not committed any new buildings or T/C-in vessels w ith delivery after 2014

Detailed key figures overview

Key figures overview

USD million H1 2011 2010 2009 2008 2007 2006 2005 Revenue 606 856 862 1,184 774 604 586 EBITDA 34 97 203 572 288 301 351 Net income (70) (135) (17) 361 792 235 299 Balance Total assets 3,202 3,286 3,227 3,317 2,959 2,089 1,810 Long term assets 2,806 2,984 2,944 2,913 2,703 1,970 1,528 Equity 1,037 1,115 1,247 1,279 1,081 1,281 905 NIBD 1,824 1,875 1,683 1,550 1,548 663 632 Cash and cash equivalents 147 120 122 168 105 32 157

18

Cash flow statement Operating cash flow (41) (1) 116 385 188 232 261 Investment cash flow 93 (187) (199) (262) (357) (118) (473) Financing cash flow (25) 186 37 (59) 242 (239) 303 Financial related key figures EBITDA margin 6% 11% 24% 48% 37% 50% 60% Equity ratio 32% 34% 39% 39% 37% 61% 50% Return on invested capital (ROIC) N.A.

• 3%

2% 16% 10% 20% 34%

2011 2012 2013 2011 2012 2013 Ow ned days LR2 2,013 4,000 3,989 LR1 1,282 2,550 2,543 MR 6,992 14,391 14,781 SR 1,971 4,004 3,993 Tanker Division 12,258 24,945 25,306 Panamax 366 769 1,423 Handymax

• Bulk Division

366 769 1,423 Total 12,624 25,714 26,729 T/C-in days T/C-in costs (USD/day) LR2 346 732 730 21,243 21,552 21,762 LR1 3,042 4,819 2,978 21,653 21,909 23,882 MR 2,191 3,820 3,575 16,088 15,549 15,594 SR

• Tanker Division

5,579 9,371 7,283 19,442 19,288 19,601 Panamax 2,540 4,342 4,148 15,536 15,894 16,200 Handymax 816 696 363 15,753 16,854 15,995 Bulk Division 3,356 5,038 4,511 15,588 16,026 16,184 Total 8,935 14,409 11,794 17,995 18,148 18,294 Total physical days Covered days

Earning days, T/C cost and coverage for 2011, 2012 and 2013

• At 30 June 2011, TORM

had covered Earning days, T/C cost and coverage

Total physical days Covered days LR2 2,359 4,732 4,719 400 174

• LR1

4,324 7,369 5,521 690 532 365 MR 9,183 18,211 18,356 1,100 406

• SR

1,971 4,004 3,993 1,104 318

• Tanker Division

17,837 34,316 32,589 3,294 1,430 365 Panamax 2,906 5,111 5,571 1,584 430

• Handymax

816 696 363 1,196 909 909 Bulk Division 3,722 5,807 5,934 2,779 1,339 909 Total 21,559 40,123 38,523 6,073 2,769 1,274 Coverage rates (USD/day) LR2 17% 4% 0% 19,144 20,491

• LR1

16% 7% 7% 14,219 17,476 15,666 MR 12% 2% 0% 15,091 15,497

• SR

56% 8% 0% 12,878 12,711

• Tanker Division

18% 4% 1% 14,659 16,220 15,666 Panamax 54% 8% 0% 16,949 21,323

• Handymax

147% 131% 250% 14,142 16,611 16,611 Bulk Division 75% 23% 15% 15,742 18,124 16,611 Total 28% 7% 3% 15,155 17,141 16,340 Fair value of freight rate contracts that are mark-to-market in the income statement (USD million): Contracts not included above 0.0 Contracts included above 7.4 Notes Actual number of days can vary from projected number of days primarily due to vessel sales and delays of vessel deliveries. T/C-in costs do no include potential extra payments from profit split arrangements. In case of vessels on bareboat charters, estimated operating expense are added to the bareboat hire expenses. Covered %

– 18 % of the earning days for 2011 in the Tanker Division at USD /day14,659 – 75% of the earning days in the Bulk Division at USD/day 15,742

19

Achieved spot rates

• Achieved spot rates exceed benchmarks

– Large and high quality fleet – Strong worldwide customer base – Cooperation on key functions – Demonstrating organisational strengths Financials

3,000 5,000 7,000 9,000 11,000 13,000 15,000 17,000 LR2 LR1 MR TORM spot versus benchmark last 12 months (USD/day)

14% 40% 22%

• Strong Q2 outperformance across LR1 and MR,

as TORM benefits from triangulation in weak markets

• LR2 affected by part of the fleet being in the dirty

segment which proved to be weaker than the clean segment in Q2 2011

*Benchmarks are based on spot earnings from Clarksons:

• LR2: TC1 (Ras Tanura-> Chiba), LR1: TC5 (Ras Tanura-> Chiba) and MR: Avg. of TC2 (Rotterdam->NY), TC4 (Singapore-> Chiba) and Curacao->NY

20 3,000 5,000 7,000 9,000 11,000 13,000 15,000 17,000 LR2 LR1 MR TORM spot versus benchmark Q2 2011 (USD/day)

TORM spot Benchmark

• 18%

63% 44%

TORM spot Benchmark

Management team

Executive management Jacob Meldgaard

• CEO of TORM since April 2010
• Previously Executive Vice President of Danish shipping company NORDEN

where he was in charge of the company’s dry cargo division

• Prior to that he held various positions with J. Lauritzen and A.P. Møller-Mærsk
• More than 20 years of shipping experience

Management with an international outlook and many years of shipping experience Roland M. Andersen

• CFO of TORM since May 2008
• Previously CFO of Danish mobile and broadband operator Sonofon and prior to

that CFO of private-equity-owned Cybercity

• Prior to that he held various positions with A.P. Møller-Mærsk, the latest one as

CFO for A.P. Møller-Mærsk Singapore

• 21
• More than 10 years of shipping experience

Tina Revsbech

• Head of Tanker Division

Alex Christiansen

• Head of Bulk Division

Claus U. Jensen

• Head of Technical Division

Jesper Bo Hansen

• Regional Managing Director

Americas Jan Nørgaard Lauridsen

• Regional Managing Director

Asia-Pacific Christian Riber

• Head of Human Resources

Organization demonstrated strength and effectiveness during the recent transition period Senior management Lars Christensen

• Head of Sale & Purchase

Division

TORM’s strategy – “Changing Trim”

Tank Build on strength as global Ship owning and S&P Leverage relations & Customer Sophistication Leadership Resilience Bulk Expand profitably in all

22

Build on strength as global leader to benefit from a market recovery Consistently outperforming spot market benchmarks Leverage relations & experience to become a leading asset player Creating value through

• ptionality

Expand profitably in all markets conditions Ensuring a positive profit margin under all market conditions

32.2% 34.3%

Ownership structure (30 June 2011)

The TORM share

Listings

• On NASDAQ OMX Copenhagen, ticker TORM
• ADR programme on NASDAQ, (USA) ticker “TRMD”
• Market cap USD ~300m (30 June 2011)

Shares

• One class of shares, each carrying one vote
• Share capital of 72.8m shares of DKK 5 each

Investor relations contact Sune S. Mikkelsen (until 1 September 2011) The share

20.0% 6.3% 4.4% 2.8%

Beltest Shipping Company Ltd. (Cyprus) Menfield Navigation Company Limited (Cyprus) A/S Dampskibsselskabet TORMs Understøttelsesfond Own shares ADR Other 23 Sune S. Mikkelsen (until 1 September 2011) Tuborg Havnevej 18 2900 Hellerup, Denmark Phone (+45) 3917 9343 E-mail: ssm@torm.com Christian Søgaard-Christensen (from 1 September 2011) Tuborg Havnevej 18 2900 Hellerup, Denmark Phone (+45) 3917 9285 E-mail: csc@torm.com For further company information, visit TORM at www.torm.com

23

Corporate Social Responsibility

Focus on environment TORM has ...

• TORM as part of the Shipowners

association is pushing for regulation in the International Maritime Organisation, which works to set standards for the sector

• TORM became signatory to the UN

Global Compact in 2009 as the 1st Danish shipping company Integrated CSR in the ‘Changing Trim’ strategy :

• Customers - bringing the customer in focus:

engaging our customers in dialogue about CSR to make sure we perform beyond their expectations

• Sophistication – an accelerated approach to

structure and processes: defining CSR Key Performance Indicators (CO2 emissions, safety and facilitation payment) and following up through performance dialogue, is a sophistication of our CSR work

24

24

• TORM regards high environmental

standards as a business opportunity and an integral part of risk management (e.g. controlling number of incidents and being ahead of legislation)

• TORM founding member of the World

Ocean Council, an organisation that works for sustainable use of the Ocean across sectors

• TORM participates in the Carbon

Disclosure Project (CDP) CSR work Set climate targets:

• Reduction of CO2 emissions pr. vessel by 20% in

2020 compared to 2008

• Reduction of CO2 emissions from offices by 25%
• pr. employee in 2020 compared to 2008
• TORM published its 2nd CSR Report in March

2011

• Available on www.torm.com/csr

25