TIDMTRMD TIDMA 
 
   "We are pleased to expand the fleet with four modern MR vessels at an 
attractive price point. Looking into an improving demand-supply 
situation for the transportation of clean petroleum products, we believe 
that the timing for a fleet expansion with modern vessels is appropriate 
and underlines the flexibility provided by our strong capital structure, 
" says Executive Director Jacob Meldgaard. 
 
   TORM has agreed to buy four 2011-built MR vessels for a total 
consideration of USD 83m with expected delivery between August and 
December 2019. The vessels are built at the Korean yard Hyundai Mipo. 
TORM already has ten vessels in the fleet from Hyundai Mipo and has good 
technical and commercial experience with these vessels. 
 
   As of today, TORM has CAPEX commitments of approx. USD 346m covering the 
remaining CAPEX on TORM's two LR1 newbuildings with expected delivery in 
2019, six MR newbuildings with expected delivery in 2019 and the first 
quarter of 2020, the four 2011-built second-hand MR vessels and scrubber 
installations on newbuildings and retrofit vessels. TORM's undrawn 
credit facilities and cash today amount to approx. USD 407m. In addition, 
TORM has agreed a conditional term sheet of USD 66m with an 
international financial institution on financing of the four MR vessels. 
 
   TORM has since the publication of the first quarter results on 14 May 
2019 entered into an agreement to sell an older MR vessel, TORM Gunhild 
(built in 1999), for a total consideration of USD 6m. 
 
 
 
 
CONTACT                                     TORM plc 
Jacob Meldgaard, Executive Director, tel.:  Birchin Court, 20 Birchin 
 +45 3917 9200                               Lane 
Morten Agdrup, IR, tel.: +45 3917 9249      London, EC3V 9DU, United 
                                             Kingdom 
                                            Tel.: +44 203 713 4560 
                                            www.torm.com 
 
   ABOUT TORM 
 
   TORM is one of the world's leading carriers of refined oil products. The 
Company operates a fleet of approximately 80 modern vessels with a 
strong commitment to safety, environmental responsibility and customer 
service. TORM was founded in 1889. The Company conducts business 
worldwide. TORM's shares are listed on NASDAQ Copenhagen and NASDAQ New 
York (tickers: TRMD A and TRMD). For further information, please visit 
www.torm.com. 
 
   SAFE HARBOR STATEMENTS AS TO THE FUTURE 
 
   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 statements other 
than statements of historical facts. The words "believe," "anticipate," 
"intend," "estimate," "forecast," "project," "plan," "potential," "may," 
"should," "expect," "pending" and similar expressions generally identify 
forward-looking statements. 
 
   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 the Company believes that these assumptions 
were reasonable when made, because these assumptions are inherently 
subject to significant uncertainties and contingencies that are 
difficult or impossible to predict and are beyond our control, the 
Company cannot guarantee 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 the world economy and currencies, changes in 
charter hire rates and vessel values, changes in demand for "ton 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 the 
regulation of shipping operations, 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, political events or acts by terrorists. 
 
   In light of these risks and uncertainties, you should not place undue 
reliance on forward-looking statements contained in this release because 
they are statements about events that are not certain to occur as 
described or at all. These forward-looking statements are not guarantees 
of our future performance, and actual results and future developments 
may vary materially from those projected in the forward-looking 
statements. 
 
   Except to the extent required by applicable law or regulation, the 
Company undertakes no obligation to release publicly any revisions to 
these forward-looking statements to reflect events or circumstances 
after the date of this release or to reflect the occurrence of 
unanticipated events. 
 
   Attachment 
 
 
   -- 12-2019 - TORM acquires four modern MR vessels - US 
      https://ml-eu.globenewswire.com/Resource/Download/bf9f15ba-8c01-4f3f-a602-e20d710db518 
 
 
 
 
 

(END) Dow Jones Newswires

June 03, 2019 03:19 ET (07:19 GMT)