FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April 2006
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Tuborg Havnevej 18
DK-2900 Hellerup
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of Announcement No. 5 - 2006 issued
by A/S STEAMSHIP COMPANY TORM to the Copenhagen Stock Exchange on April 27,
2006.
Exhibit 1
ANNOUNCEMENT NO. 5 - 2006
27 April 2006
TORM has entered into an agreement to sell the bulk carriers TORM Arawa (built
1997) and TORM Pacific (built 1997).
The vessels have been sold to Pacific Basin, Hong Kong for total consideration
of USD 35.1 million and are expected to be delivered towards the end of the 2nd
quarter of 2006. The vessels have been trading in the Pacific Basin managed IHC
pool.
TORM has adjusted guidance for the 2006 result to USD 155-175 million before tax
(DKK 930-1.050 million) from the previous forecast of USD 140-160 million as a
result of the sale, in addition to a higher than expected dividend payment from
Norden.
The sale of the vessels have taken place as a consequence of the Company's
Strategy Greater Earning Power whereby the Handysize segment will in future no
longer be considered a strategic segment for TORM, in as much as the Company
intends to focus on tank and to retain a modern bulk fleet consisting of Panamax
bulk vessels.
Following delivery of the two vessels, TORM's owned fleet will consist of 30
product tankers and 8 dry bulk vessels.
Contact
A/S Dampskibsselskabet TORM Telephone +45 39 17 92 00
Tuborg Havnevej 18 Klaus Kjaerulff, CEO
DK-2900 Hellerup - Denmark Klaus Nyborg, CFO
About TORM
TORM is one of the World's leading carriers of refined oil products and has
significant activities in the bulk market. The Company operates close to 100
modern and secure vessels, most of them in pool co-operation with other
respected shipping companies, sharing TORM's commitment to safety, environmental
responsibility and customer service.
TORM was founded in 1889 and has constantly adapted itself and benefited from
the significant changes characterizing shipping. The Company conducts business
all over the World and is headquartered in Copenhagen, Denmark. TORM's shares
are listed in Copenhagen (ticker TORM) as well as on NASDAQ (ticker TRMD). For
more information, visit www.torm.com.
SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS
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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 other statements, which are 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 assure you 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
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for "tonne miles" of crude 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 drydocking, changes in
TORM's operating expenses, including bunker prices, dry-docking and insurance
costs, changes in governmental rules and regulations 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
A/S STEAMSHIP COMPANY TORM
(registrant)
Dated: April 28, 2006 By: /s/ Klaus Nyborg
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Klaus Nyborg
Chief Financial Officer
03810 0001 665676