TORM Takes Control of OMI Vessels
03 Agosto 2007 - 11:58AM
PR Newswire (US)
HELLERUP, Denmark, August 3 /PRNewswire-FirstCall/ -- On 8 June
2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and
Teekay Corporation (TEEKAY) had completed the acquisition of OMI
Corporation (OMI), whereby OMI became a jointly owned subsidiary of
TORM and TEEKAY. TORM and TEEKAY have now finalized the plan for
the distribution of OMI's assets. TORM will consequently with
effect from 1 August 2007 take over 24 product tankers from OMI,
leaving TORM's fleet at 85 vessels excluding newbuildings. TORM
will also take over OMI's technical operations in India and a part
of OMI's organisation in the US. For technical reasons two product
tankers will remain in TORM's and TEEKAY's joint operation in OMI
until no later than the beginning of 2008, whereas the other OMI
vessels will be taken over by TEEKAY, likewise with effect from 1
August 2007. The remaining assets of OMI including 2 product tanker
newbuildings will be equally distributed between TORM and TEEKAY.
OMI fleet to be taken over by TORM About TORM TORM is one of the
World's leading carriers of refined oil products and has
significant activities in the bulk market. The Company operates
more than to 100 modern and secure vessels, most of them in pool
co-operation with other respected shipping companies, sharing
TORM's commitment to safety, environmental responsibility and
customer service. TORM was founded in 1889 and has constantly
adapted itself and benefited from the significant changes
characterizing shipping. The Company conducts business all over the
World and is headquartered in Copenhagen, Denmark. TORM's shares
are listed in Copenhagen (ticker TORM) as well as on NASDAQ (ticker
TRMD). For more information, visit http://www.torm.com/. Safe
Harbour Statement - 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 crude 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 fu ture
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. DATASOURCE: A/S
Dampskibsselskabet TORM CONTACT: Contact: Klaus Kjaerulff, CEO,
tel: +45-39-17-92-00
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