TORM expects temporary agreement with banks and time charter partners to be renewed.With reference to announcement no. 15 dated 13 April 2012, TORM and the Company’s group of banks agreed on a temporary deferral of instalments and covenant standstill until 30 April 2012. TORM expects the temporary agreement with the banks to be renewed shortly.
Simultaneously, TORM made an agreement with the vast majority of the time charter partners to realign charter rates to the current market level until 30 April 2012. TORM also expects this temporary agreement to be renewed shortly.
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).
Source: TORM