A/S Dampskibsselskabet TORM or TORM (NASDAQ: TRMD),
based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk
carriers. TORM's company's tankers carry refined oil products such as gasoline,
jet fuel, naphtha and diesel oil. The company's dry bulk vessels carries commodies such as coal,
iron ore and grain. The company owned 30 tankers and 5 bulk
carriers as of September 30, 2006. The company operated
approximately 90 vessels as of 2006.[1] TORM was founded by
Ditlev Torm in 1889.
Founded in 1889, TORM is one of the world’s most respected names in international shipping. The company is composed of tanker
and bulk carrier divisions, with product tanker activity accounting for the majority of the business.
TORM is the world’s premier tanker carrier of clean oil products such as gasoline, jet fuel, naphtha and diesel oil and a
leading carrier of other clean products.
TORM’s bulk carrier division focuses mainly on the Panamax bulk carrier sector, carrying various bulk commodities, but
principally grain, coal and iron ore. The division is also engaged in the Handysize bulk carrier segment.
Headquartered in Copenhagen, Denmark, TORM is responsible for the commercial operation of approximately 90 vessels, including
some of the most modern and well-equipped ships afloat.
On 26 May 2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and Teekay Corporation (TEEKAY) through their jointly
owned subsidiary, OMAHA, Inc.( OMAHA), had acquired full control over the 2nd largest American tanker OMI Corporation (OMI).
On 8 June 2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and TeekayCorporation (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’stechnical
operations in India and a part of OMI’s organisation in the US.
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