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Employee-Elected Member Resigns From TORM’s (TRMD) Board of Directors

COPENHAGEN, Denmark, April 27, 2012 (GLOBE NEWSWIRE) — At TORM’s Annual General Meeting (AGM), the number of Board members elected by the AGM was reduced from six to three. Section 120 of the Danish Companies Act provides that the majority of the Board members shall be elected by the AGM. Consequently, the number of employee-elected Board members has been changed from three to two, and therefore Peter Abildgaard has resigned from the Board of Directors. Furthermore, Anne Rasmussen is no longer employed by TORM and therefore has resigned as alternate.

“On behalf of the Company, I would like to thank Peter Abildgaard for his great efforts in the Board, since he was elected in April 2007,” says Chairman N. E. Nielsen.

Accordingly, the Board of Directors is composed as follows:

  • N. E. Nielsen (Chairman)
  • Christian Frigast (Deputy Chairman)
  • Jesper Jarlbaek
  • Kari Millum Gardarnar (employee-elected Board member)
  • Rasmus Johannes Hoffmann (employee-elected Board member)

Contact TORM A/S
N. E. Nielsen, Chairman, tel.: + 45 4243 3343
C. Sogaard-Christensen, IR, tel.: +45 3076 1288

Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393

About TORM

TORM is one of the world’s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 140 modern vessels in cooperation with other respected shipping companies sharing 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 NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit

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 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 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 conclusion of definitive waiver documents with our lenders, the strength of the world economy 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 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 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 an obligation to update and change the listed expectations to the extent required by law.

Friday, April 27th, 2012 Uncategorized
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