TORM A/S (TORM), formerly
Aktieselskabet Dampskibsselskabet Torm, is engaged primarily in the
and operation of product tankers and dry bulk carriers. TORM’s product
tankers primarily carry refined products, such as naphtha, gasoline,
oil, jet fuel, and diesel oil. Its dry bulk vessels carry commodities
as coal, iron ore and grain. Its vessels trade worldwide. It provides
services by utilizing a fleet of vessels that it owns, charter in on
and long-term time charters, or commercially manage as the manager of a
pool or through contracts with third-party owners. In March 2008, TORM
acquired a 50% stake in the shipping company FR8 Holdings Pte. Ltd.
from FR8 Limited, a subsidiary of the international oil trader
FR8 Limited continues to own its 50% equity interest in FR8. FR8
independently from TORM.