Presentation of Q2 2010 results - Torm · -2 24-5 0 5 10 15 20 25 30 35 Tanker Division Bulk Division Non-allocated Total Q2 2009 Q2 2010 EBITDA in Tanker and Bulk Division 0 2,000

1

Presentation of Q2 2010 results

Matters discussed in this presentation may constitute forward-looking statements.

Such statements reflect TORM's current expectations and are subject to certain risks and uncertainties that could negatively impact

TORM's business.

To understand these risks and uncertainties, please read TORM's announcements and filings with The US Securities and Exchange

Commission.

The presentation may include statements and illustrations concerning risks, 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 presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, TORM's examination of historical operating trends, data contained in our records and other data available from

third parties. As many of these factors are subject to significant uncertainties and contingencies which are difficult or impossible to predict

and are beyond our control, TORM makes no warranties or representations about accuracy, sequence, timeliness or completeness of the

content of this presentation.

Safe Harbour Statement

2

Financial Highlights for Q2 2010

Financials (USDm)

EBITDA of USD 24m in Q2 2010 compared to USD

31m in Q2 2009

• The Tanker Division is positively impacted by

higher spot rates and lower expenses in Q2

2010

• The Bulk Division is impacted by better spot

rates in Q2 2010. Q2 2009 was impacted by

USD 13m from sale of vessels

Achieved spot rates exceed benchmarks

• Large and high quality fleet

• Strong worldwide customer base

• Cooperation on key functions

Highlights

Finance

Tanker marketDry bulk market

CSR

3

19

13

-1

31

23

3-2

24

-5

0

5

10

15

20

25

30

35

Tanker Division Bulk Division Non-allocated Total

Q2 2009 Q2 2010

EBITDA in Tanker and Bulk Division

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

LR2 LR1 MR

Pool Benchmark

USD/day TORM Pool spot earnings vs benchmarks Q2 2010

19%

31%51%

*Benchmarks are based on:

• LR2: TC1 (Ras Tanura-> Chiba) spot earnings from Clarksons

• LR1: TC5 (Ras Tanura-> Chiba) spot earnings from Clarksons

• MR: Avg. of spot earnings on TC2 (Rotterdam->NY), TC4 (Singapore-> Chiba) and Curacao->NY from Clarksons

Summary

4

4

Strong foundation – organisation in place and commercial

relationships intact

A strong team in place

• New forces with international

outlook and with many years of

tanker experience

• Tina Revsbech, Head of Tanker

Division

• Jan Nørgaard Lauridsen,

Regional Managing Director

Asia-Pacific and Head of

Singapore office

• New Management in the Bulk

Division to be announced

• Complement our current

organisation which has

demonstrated strength and

effectiveness during this

transition period

Manage a fleet of 128 product

tankers and 11 Bulk carriers at

30 June 2010

Fleet development since Q1:

• 14 vessels to leave the pools

• 8 new vessels added to the

TORM fleet during Q2 and Q3

4

Highlights

Finance


CSRSummary

Organisation in place Large fleet

Well positioned to

exploit improving

product tanker

market going

forward

0

10

20

30

40

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

LR1 and LR2 spot rates and 1 year T/C rates

LR1 spot rates (TC5) LR1 1 year T/C rates

LR2 spot rates (TC1) LR2 1 year T/C rates

LR1 (TC5) spot avg. 2005-2009 LR2 (TC1) spot avg 2005-2009

USDt

0

10

20

30

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

MR spot rates and 1 year T/C rates

MR spot rates (TC2)

MR 1 year T/C rates

TC2 spot avg 2005-2009

USDt

5

Improved but fragile conditions on the product tanker market

Freight rates (MR and LRs)

Rates generally low in Q2 2010 – but stronger than

Q2 2009

• Seasonal - coming out of the winter market

• Improved underlying fundamentals

Positive

• Continued naphtha demand

• Some strength in emerging routes,

• Transatlantic MR strength late June as arbitrage

opens

Negative

• Continued high influx of tonnage

• New deliveries (net 2%) although with significant

delay

• Reduced floating storage

• Low US demand for gasoline

• No swap of LRs into dirty due to the weak market

Into Q3

• Closure of the transatlantic arbitrage

• General increase in demand across segments

• Steady naphtha demand

*Source: Clarksons

Finance


CSR

LR2 vessel size (Long Range): Aframax tanker 85-120,000 dwt

LR1 vessel size (Long Range): Panamax tanker 60-85,000 dwt

MR vessel size (Medium Range):Handymax tanker 40-60,000 dwt

SR vessel size (Short Range): Handysize tanker – 30-40,000 dwt

Highlights

Summary

For MR’s emerging cargoes and trades were explored

6

Alternative trading patterns

Late June, the price difference of gasoline in

Europe and USA widened

Increased demand for vessels on the continent ,

which were scarce due to the emerging trades

The traditional transatlantic MR trade route (TC2)

rate weakened into mid-June why owners sought

alternative cargoes and destinations

• Distilled products (Gasoline and Gasoil) to

South America

• Gasoline due to price difference to Ethanol

• Gasoil for heating

• Vegetable oil to Asia

• Palm oil to Europe

Reduced number of ships on the continent

The price gap between Europe and the USA widened

Finance


CSR

Classic TC2 trading route

Emerging trading routes

-20

0

20

40

60

80

100

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10

$/T

Price difference USA minus Europe

Gasoline price difference in $/T

Highlights

Summary

0

10

20

30

40

50

60

Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

Dif

fere

nce in

pri

ce

6 month vs 1 month future

6 month vs. - 1 month future

0

10

20

30

40

LR1 LR2 Smax VLCCNo of vessels (26 Jul 20010)

Floating storage volumes*No of vessels

0

20

40

60

80

100

120

Jul -09 Oct -09 Jan -10 Apr -10 Jul -10

mbbl Clean products on floating storage*

Floating storage – reduced to natural level during Q2 2010

7

Floating storage has been reduced significantly…

..as price differential has decreased

*Source: Inge Steensland and TORM research

Finance


CSR

• Floating storage has decreased from significant

level in 2009

• Adding significant tonnage into the market during

both Q2 and Q1 2010

• By end Q2 2010, the level has been reduced to

~3% of the global fleet compared to ~12% by

year end 2009

• Floating storage is among others impacted by the

steepness of the contango curve on the various

products

Highlights

Summary

Product Tanker market -

demand will outgrow supply from 2010 to 2012

Demand and supply development (2010 - 2012)

Swing factors:

• Order book delays

• Delays in refineries

• Floating storage

• Slow steaming

• Changes in transport

patterns

*All effects are recalculated into MR units – to enable comparision based on their volume relative to MR

8

Source: Torm research

• Refinery expansions in the Middle East and

India

• Increased oil demand

• Increasing port days due to increased

activity/bottlenecks

• Arbitrage

• Delivery of 107 MR equivalents in Q1

• LR into dirty

• Some LR1 vessels are replacing Panamax

phaseouts in crude

• 30% of LR2 vessels are trading in the crude

• Phase-out of single hulls and scrapping of old

tonnage

Demand primarily driven by Supply primarily driven by

Changed assumptions:

• Cancellation set to 10%

• Impact from SR fleet

development now

neutral

107

272

44750 41

84

371

53182

121 64

0

250

500

750

Ref

iner

y ex

pan

sio

ns

Gro

wth

in o

il d

eman

d

Incr

easi

ng p

ort

d

ays

Arb

itrag

e/cr

oss

tr

ade/

…

Tota

l dem

and

in

crea

se

Sw

ing

fac

tors

Tota

l sup

ply

in

crea

se

Pha

se o

ut &

S

crap

pin

g

LR in

to d

irty

mar

ket

Est

. C

ance

llatio

ns

Del

iver

ed +

O

rder

bo

ok

gro

ssNu

mb

er o

f ve

ssel

s*

Demand Supply

Finance


CSR

Highlights

Summary

Improved underlying economic fundamentals

Asia main driver for oil demandOil demand coming back to pre 2008

levels

Modest but steady pace in

economic upturn

• Asia, mainly China key driver for

increase

• US slowly regaining

• Europe and Japan lagging

• One of the deepest cycles in record

• Oil demand back to 2008 levels

• Repeated upwards adjustments from

EIA

• GDP forecast for the global

economy held relatively steady

• Economic activity has continued to

increase

• But modest and

• some activity slow down at the

end of Q2 2010

Finance


CSR

Sources: EIA, (July) EcoWin

9

Oil demand ... driven by china Momentum remainsmb/d

82

83

84

85

86

87

88

2007 2008 2009 2010 2011

Index

-0,4-0,20,00,20,40,60,81,01,21,41,6

Growth in oil demand, 2011mb/d

Highlights

Summary

10%

6%

4%

2%

-1%

1%

3%

5%

7%

9%

11%

13%

15%

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012

% growth in MR

equivNo of vessels

Net fleet growth in product tankers*

LR2 LR1 MR Total by MR Equivalent

272

204

0

50

100

150

200

250

300

Planned delivery 1/1-09 Actual delivery

2009 order book (ex. SR)

25%

No of vessels

0

10

20

30

40

50

60

70

80

90

100

Q1 10 Q2 10 Q3 10 Q4 10

Planned delivery 1/1-10 Actual delivery

Newbuildings (LR2, LR1 & MR)

No of vessels

50%

48%

Supply continues to be affected by significant slippage

10

Slippage is continuing…

Slippage expected to continue

• 30% expected in 2010 and 2011

• No slippage from 2012 as there is free yard

capacity compared to orders this year

TORM now estimates 10% cancellations

• As very few cancellations have been seen

Phase-out expected to be accelerated

• Older tonnage - due to the low freight rates

• Single-hulls - legislative phase-out requirements

from 2010

Total net growth in the fleet declines from 10%

in 2009 to app. 2% in 2012

Significant slippage continues

• 2009, slippage of 25%

• Q2 2010, delivery of 28 vessels, 48% less than

planned

Declining order book from 2010

• But some newbuilding order activity has been

seen in 2010

…and net fleet growth is declining

*Note: Net fleet growth: Gross order book adjusted for scrapping, slippage, phase out of

single hulls and vessels going into dirty

Source: Inge Steensland and TORM

Source: Inge Steensland and TORM

Finance


CSR

Highlights

Summary

0

20

40

60

80

100

120

140

160

180

200

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

MR - 1 year T/C and second-hand prices (indexed)

MR 5 year old secondhand prices (index)

1 Year Time charter Rate 47-48,000 Modern Products Tanker - index

20

25

30

35

40

45

50

55


MR newbuilding and second-hand prices

MR DWT Products Tanker Newbuilding Prices

MR 5 year old second-hand prices

MR 5 year old second-hand prices historic avg (2005-2009)

USDm

Product tanker vessel prices have stabilised and increased -

continued limited S&P activity

Vessel price development*

*Source: Clarksons and TORM research

11

Newbuilding and second-hand prices have

continued to increase during Q2 2010

Cautious newbuilding order activity in Q2

Slight increase in S&P activity, ~20 MRs

sold during Q2 2010

T/C rates and second-hand prices are

relatively well correlated

The T/C rates have stabilised in Q2

Whereas vessel prices have continued to

increase during Q2 but flatten into Q3

Finance


CSR

1/1-2005 = index 100

Highlights

Summary

20

30

40

50

60

70

80

90

100


Panamax newbuilding and secondhand prices

75-77,000 DWT Panamax bulk carrier Newbuild ing Prices (RHS)

Panamax 76K bulk carrier 5 Year Old Secondhand Prices

USDm

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

100,0


Panamax spot rates and 1 year T/C rates

Panamax dry bulk spot rates Panamax dry bulk 1 year T/C rates

USDt

Dry bulk market remained at a relatively strong level in Q2

Freight rate development

Panamax rates were volatile in Q2 2010 with a peak

in mid-May

Rates supported by

• Chinese coal and iron ore imports and

• High congestion

At the end of Q2 and into Q3 significant rate

decrease

• High influx of new tonnage

• Declining Chinese coal demand

• Potential weaker Chinese demand for iron ore

TORM relatively unaffected by rate volatility

• At the end of June 2010, TORM has covered

81% of the remaining earning days in 2010

*Source: Clarksons

12

Vessel price development

Substantial amount of second-hand sales activity

resulting in increasing prices

Large number of orders for newbuildings, especially

Kamsarmaxes and Capesize

• Only slight change in newbuilding prices

Finance


CSR

Highlights

Summary

“Greater Efficiency Power” has lead to significant savings

13

Efficiency programme “Greater Efficiency

Power” launched by the end of 2008

Key initiatives:

• Restructuring of the fleet management set-

up

• Standardising repair and maintenance

processes

• Centralising back-office including IT and

standardising the IT platform

• Strengthening and centralising the global

procurement function

• Reorganising the global land-based

organisation

On track to deliver savings of USD 50m in

2010

• 15% reduction of vessel operating

costs/vessel day relative to 2008

• 20% reduction in administrative expenses

relative to 2008

Realised H1 2010 compared to 2008

average

• Vessel operating cost per vessel day

reduced by 17% - 25%

• Administration expenses reduced by 21%

Status on Greater Efficiency Power

Finance


CSR

10

12

14

16

18

20

22

24

2008 qtr. avg. 2009 qtr. avg 2010 H1 avg

Administrative expenses per quarterUSD m

3.000

4.000

5.000

6.000

7.000

8.000

9.000

LR2

LR1

MR

SR

Pa

na

ma

x

Development in operating cost per day (USD/day)

2008 2009 H1 2010

Highlights

Summary

75193

188

703

647

1807

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2010 2011 2012 2013 After 2013 Total debt

Repayment profileUSDm

Financing – no loan to value covenants and solid cash and

credit facilities

14

TORM has a solid financial position

• TORM’s total cash and unused credit facilities

totalled USD 600m as per 30 June 2010

• Remaining capex of USD 372m relating to the

newbuilding program as per 30 June 2010

• Net debt USD 1,691m by the end of Q2 2010

compared to USD 1,621m by the end of Q1 2010

• TORM has no loan to value covenants

• TORM’s main debt covenants:

• Minimum book equity ratio of 25%

• Minimum book value of equity of DKK 1.25bn

(app. USD 250m)

• No less than USD 60m in liquidity

Finance


CSR

115

165

83

8

372

600

-

100

200

300

400

500

600

700

2010 2011 2012 2013 Total CAPEX Cash and unused credit

facilities

Remaining capex and liquidity USDm

Highlights

Summary

TORM maintains its forecast for 2010

15

2010 Guidance

Sensitivity – change in profit

with change in freight rates

• TORM forecasts a loss before tax of USD 40m to 60m for 2010

Coverage (% and USD/day)

Finance


CSR

15

33%11%

3%81%12%

0%0%

50%

100%

2010 2011 2012

Tanker Division Bulk Division

16,399

19,725

17,182 16,507 16,298

Highlights

Summary

USDm

Segment -2,000 -1,000 1,000 2,000

Tanker Division -21.9 -10.9 10.9 21.9

Bulk Division -0.9 -0.5 0.5 0.9

Total -22.8 -11.4 11.4 22.8

Change in freight rates (USD/day)

Dry bulk market

16

Focus on environment has never been

bigger and shipping has a key role

• Increasing political focus on environmental

regulation globally and regionally

• TORM as part of the Shipowners

Association is pushing for regulation in the

International Maritime Organisation, which

works to set standards for the sector

• Shipping accounts for 80 - 90% of all

transportation of goods

1. Global shipping accounts for around

3% of global CO2 emissions

• Shipping is the most energy-efficient form

of transportation compared to plane, train

or truck

..therefore TORM has decided on an

ambitious CSR strategy with green focus

• TORM signed the UN Global Compact in

2009 as the first Danish shipowner

• TORM’s climate strategy:

• Reduction of CO2 air emissions

per vessel by 20% in 2020

compared to 2008

• Reduction of CO2 air emissions

at the office locations by 25% per

employee in 2020 compared to

2008

• TORM participates in project Virtual Arrival

(OCIMF and Intertanko)

• TORM will publish its first CSR report in

August 2010

• TORM participates in the Carbon

Disclosure Project (CDP),and was top 20 in

the Nordic Leadership Index

• In 2009, TORM received BP’s Shipping

Award for outstanding environmental

achievement

Corporate Social Responsibility

• TORM regards high environmental

standards as a business opportunity and

an integral part of risk management (e.g.

controlling number of incidents and being

ahead of legislation)

• TORM founding member of the World

Ocean Council, an organisation that

works for sustainable use of the ocean

across sectors

16

Finance

Tanker market

CSR

Highlights

Summary

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Dry bulk market

17

17

Key achievements in Q2

• Result in line with expectations

• Q2 spot earnings exceed benchmarks

• Strong organisation in place

• Large fleet of high quality – continuously adjusted when deemed favourable

• Well positioned to exploit improving product tanker market going forward

17

Finance

Tanker market

CSR

Highlights

Summary

Appendix

USD m H1 2010 2009 2008 2007

Revenue 407 862 1.184 774

EBITDA 79 203 572 288

Net income -22 -17 360 792

NIBD 1.691 1.683 1.550 1.548

Equity 1.220 1.247 1.279 1.081

Introduction to TORM

Global footprint based on regional power and presence

Seafarers – app. 2,900:

350 Danish seafarers

100 Croatian/Italian seafarers

1,400 Indian seafarers

1,050 Philippine seafarers

Offices – app. 300:

170 in Copenhagen

20 in Singapore

20 in Manila

80 in Mumbai

10 in USA (Stamford)

19

Strategy and key facts

Company facts

A world leading product tanker company

•Among leading owners in size

•120 years of history

Strategy

•Superior advantage through modern product

tanker fleet, sizeable market share through pool

cooperation, excellent quality delivery model and

global reach

Large and modern fleet ~140 vessels (30/6-2010)

• 68 owned vessels with an avg. age of 6 years

• 66 product tankers

• 2 dry bulkers

• 36 vessels on T/C-in:

• 25 product tankers

• 11 dry bulkers

• 37 product tankers in Pools/com mngt.

•Orderbook of 13 newbuildings (fully financed)

• 9 product tankers (MR tankers)

• 4 bulk carriers (Kamsarmax)

Listings

•NASDAQ OMX Copenhagen

•NASDAQ in New York

Market cap

•Approximately USD 500 -700m

Key financials

Large and modern fleet (as per 30 June 2010)

20

Company facts

No of vessels Avg. age Avg. DWT

Owned

Product tankers

LR2 12.5 5.6 106,372

LR1 7.5 5.3 74,087

MR 35.0 6.2 47,341

SR 11.0 7.0 36,620

Total Product tankers 66.0 6.1 59,773

Bulk 2.0 6.0 75,054

Total Fleet - Owned 68.0 6.1 60,223

TC in

Product tankers

LR2 0.5 12.5 99,997

LR1 15.0 3.6 75,288

MR 10.0 3.9 48,130

SR - - -


Bulk 11.0 2.7 77,786

Total Fleet - TC in 36.5 3.5 68,913

Owned and TC in

Product tankers

LR2 13.0 5.6 106,372

LR1 22.5 5.8 75,615

MR 45.0 5.7 47,516

SR 11.0 7.0 36,620


Bulk 13.0 3.2 75,899

Total Fleet - Owned and TC in 104.5 5.2 63,383

Commercial management

Product tankers 37

Detailed key figures overview

21

Key figures overview

Finance

USD million H1 2010 2009 2008 2007 2006 2005

P&L

Revenue 407 862 1.184 774 604 586

EBITDA 79 203 572 288 301 351

Net income -22 -17 361 792 235 299

Balance

Total assets 3.210 3.227 3.317 2.959 2.089 1.810

Long term assets 2.958 2.944 2.913 2.703 1.970 1.528

Equity 1.220 1.247 1.279 1.081 1.281 905

NIBD 1.691 1.683 1.550 1.548 663 632

Cash and cash equivalents 121 122 168 105 32 157

Cash flow statement

Operating cash flow 21 116 385 188 232 261

Investment cash flow -27 -199 -262 -357 -118 -473

Financing cash flow 6 37 -59 242 -239 303

Financial related key figures

EBITDA margin 19% 24% 48% 37% 50% 60%

Equity ratio 38% 39% 39% 37% 61% 50%

Return on invested capital (ROIC) -2% 2% 16% 10% 20% 34%

Stock related key figures

Earnings per share (EPS) (0,30) (0,30) 5,21 11,44 3,38 4,29

Cash flow per share, CFPS (USD) 0,30 1,70 5,56 2,71 3,33 3,74

Proposed dividend per share (DKK) - - 4,00 4,50 5,75 11,50

Earning days, TC cost and coverage for 2010

At 30 June 2010, TORM had

covered 33% of the remaining

earning days for 2010 in the

Tanker Division at USD

16,470/day and 81% of the

remaining earning days in the

Bulk Division at USD 19,725/day

Earning days, TC cost and coverage

22

Finance

2010 2011 2012 2010 2011 2012 Owned days

LR2 2.196 4.380 4.392 LR1 1.282 2.555 2.562 MR 6.754 14.758 15.690 SR 1.966 4.015 4.026 Tanker division 12.198 25.708 26.670 Bulk division 366 1.437 1.495

Total 12.564 27.145 28.165

T/C in days T/C in costs (USD/day)LR2 - - - - - - LR1 2.559 5.303 4.334 21.879 22.219 22.485 MR 1.647 3.619 3.108 16.976 17.007 16.399 SR - - - - - - Tanker division 4.206 8.922 7.442 19.959 20.105 19.943 Bulk division 2.003 3.581 4.228 15.793 15.477 15.954

Total 6.209 12.503 11.670 18.615 18.780 18.498

Total physical days Covered daysLR2 2.196 4.380 4.392 610 456 40 LR1 3.841 7.858 6.896 1.109 365 366 MR 8.401 18.377 18.798 2.517 1.775 412 SR 1.966 4.015 4.026 1.228 1.059 40 Tanker division 16.404 34.630 34.112 5.464 3.655 858 Bulk division 2.369 5.018 5.723 1.907 581 -

Total 18.773 39.648 39.835 7.371 4.236 858

Coverage % Coverage rates (USD/day)LR2 28 10 1 24.184 28.648 32.660 LR1 29 5 5 16.145 15.690 15.690 MR 30 10 2 15.768 16.283 15.348 SR 62 26 1 14.055 14.268 15.128 Tanker division 33 11 3 16.399 17.182 16.298 Bulk division 81 12 - 19.725 16.507 -

Total 39 11 2 17.259 17.089 16.298

Fair value of freight rate contracts that are mark-to-market in the income statement (USD m):Contracts not included above -1,2Contracts included above 0,2

Notes

Actual no of days can vary from projected no of days primarily due to vessel sales and delays of vessel deliveries. T/C in

costs do no include potential extra payments from profit split arrangements.

% out of total fixtures ( % out of total previous 4 quarters) with major cargo group

Saudi Arabia, India & UAE

Taiwan, South Korea & Japan

15% (18%)

(Naphtha)

North Africa Italy & France

13% (15%)

(Crude Oil)

Europe USA

10% (12%)

(Unl. Gasoline)Intra-Asia Trading

8% (6%)

(Gasoil & Fueloil)Europe Nigeria & other

4% (5%)

(Unl. Gasoline)

Intra-AG trading

8% (7%)

(Gasoil)

North America Trading

9% (5%)

(Diesel)

USA Brazil & Chile

5% (1%)

(Gasoline and Gasoil)

Source: MSI, Torm data

Major trading routes in Q2 2010Finance


CSR

Highlights

Summary

70

7580859095

100

% o

f to

tal

cap

aci

ty

av

ail

ab

le

Europe US

Refinery utilisation rates (%)

Refinery dis-location improve long-term prospects

24

World

Closures (1/1-09 - ): 2.5

Additions (2010-2012): 8.0

Total capacity (EoY) 84.6

US:

Closures (1/1-09 - ): 1.2

Additions (2010-2012): 1.4

Total capacity: 21.0

Europe:

Closures (1/1-09 - ): 0.8

Additions (2010-2012): 0.2


Middle East:

Closures (1/1-09 - ): -

Additions (2010-2012): 1.0

Total capacity: 7.8

Asia:

Closures (1/1-09 - ): 0.5 (Japan)

Additions (2010-2012): 3.6


..led to additions in Asia and the Middle East (all figures in m bpd)

• Positive tonnes-miles, even with flat oil demand development

• Reduced refinery sector profitability in the European and the US refinery sector

• New refineries in the Middle East and India are producing at high utilisation rates driven by their cost advantages

Capacity figures only include refineries with capacity above 0.075 m bpd

8.0009.000

10.00011.00012.00013.00014.00015.000

Mil

l. m

etr

ic t

on

/ d

ay

India

Refinery throughput

Source: Torm research

Source: EcoWin

Increasing output in new locations…Low utilisation rates due to pressure

on refinery margins…

Finance


CSR

Highlights

Summary

25

Documents

Presentation of Q2 2010 results - Torm · -2 24-5 0 5 10 15 20 25 30 35 Tanker Division Bulk Division Non-allocated Total Q2 2009 Q2 2010 EBITDA in Tanker and Bulk Division 0 2,000