Dampskibsselskabet Torm

Aktieselskabet Dampskibsselskabet TORM

(NASDAQ:TRMD) (OMX Copenhagen:TORM)

Contact Information

Aktieselskabet Dampskibsselskabet TORM
Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel. +45-3917-9200
Fax +45-3917-9393

Type: Public
On the web: http://www.torm.dk
Employees: 533
Employee growth: (83.4%)

Dampskibsselskabet TORM, which translates into English as Steamship Company TORM, operates a fleet of about 130 vessels, consisting primarily of product tankers but also including bulk cargo carriers. TORM owns more than 60 ships and charters-in another 20-plus; the balance of its fleet consists of vessels managed on behalf of third-party owners and charterers. The company's tankers carry refined petroleum products such as gasoline, jet fuel, naphtha, and diesel, and its bulk carriers transport commodities such as grain, coal, and iron ore. Most of TORM's product tankers are operated in pools with those of other companies, account for more than two-thirds of the company's sales.

Key numbers for fiscal year ending December, 2010:
Sales: $856.1M
One year growth: (0.7%)
Net income: ($135.3)M

Officers:
Chairman: Niels E. Nielsen
CEO: Jacob Meldgaard
CFO: Roland M. Andersen

Competitors:
A.P. Møller - Mærsk
Frontline
Overseas Shipholding Group

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Dampskibsselskabet Torm

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Dampskibsselskabet TORM

Type	Public (OMX: TORM,NASDAQ: TRMD)
Industry	Shipping
Founded	1889
Founder(s)	Ditlev Torm
Headquarters	Copenhagen, Denmark
Key people	Jacob Meldgaard CEO, Mikael Skov COO
Products	Tankers, Bulk
Revenue	819 million USD (2007)
Operating income	205 million USD (2007)
Net income	792 million USD (2007) ^[1]
Subsidiaries	OMI Corporation (With Teekay Corporation)
Website	http://www.torm.dk/

A/S Dampskibsselskabet TORM or TORM , 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 are mainly focused in the Panamax segment.

Contents

1 History
2 Operations
3 References
4 External links

History

Founded by Ditlev Torm and Christian Schmiegelow in 1889.^[2] The company was listed on the Copenhagen Stock Exchange in 1905.

Operations

The company is composed of tanker and bulk carrier divisions, with product tanker activity accounting for the majority of the business.

TORM is one of the leading tanker carriers of clean oil products such as gasoline, jet fuel, naphtha and diesel oil and 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.

The company operates approximately 130 vessels as of 2010.^[3]

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 will consequently with effect from 1 August 2007 take over 24 product tankers from OMI, leaving TORM’s fleet at 85 vessels excluding new buildings. TORM will also take over OMI’s technical operations in India and a part of OMI’s organisation in the US.

References

External links

Official website

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