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 January 2005
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
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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
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of Announcement No. 1 - 2005 issued
by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange on January 25,
2005.
Exhibit 1
ANNOUNCEMENT NO. 1 - 2005
25 January 2005
Increased 2004 profits by DKK 150 mill.
Purchase of vessels
TORM increases its 2004 profit before tax to app. DKK 2,334 mill. Profit before
value adjustments and tax is app. DKK 1,300 mill. compared to the previous
expectations of minimum DKK 1,150 mill. as announced in the nine months 2004
report. Additionally, the unrealised gain on the Company's shareholding in
Norden is DKK 1,034 mill. The results are expected to be impacted by a small
provision for taxes.
The results are unaudited and will be further elaborated in the 2004 annual
report, which will be released on 8 March 2005 and will also comment on the
Company's expectations for 2005.
TORM has today entered into an agreement to acquire four LR1 product tankers
from Malaysian Bulk Carriers Group. The agreement comprises a 2003-built LR1
product tanker to be delivered in February 2005 and three LR1 newbuildings from
the Samsung yard in Korea, which are expected to be delivered in March 2005,
September 2005 and January 2006. The acquisition will take place as a purchase
of a total of five companies with no other activities than operation and
construction of said vessels.
Additionally, TORM has agreed to acquire 1.5 LR1 product tankers from Wah Kwong
Shipping Holdings Limited. The first of these vessels has been acquired jointly
and evenly with J. B. Ugland Shipping A/S and is expected to be delivered from
the New Century yard in China in November 2006, while the other vessel, which is
chartered out at fixed rates on a seven-year charter, is expected to be
delivered from the New Century yard in China in January 2007. All six vessels
will over time join the TORM LR1 pool.
The purchase of the vessels should be seen as part of a continued fleet renewal
to keep a modern fleet with an average age among the lowest in the world. Also,
of the three tanker pools, the LR1 pool is the pool where TORM has had the
greatest wish to expand. TORM's purchase of the 5.5 vessels should be seen in
the context of the sale of TORM Margrethe and TORM Hilde, which have been sold
with time charter back to TORM and will be delivered to the new owners in Q1
2005.
The total price for the 5.5 vessels will be around USD 250 mill.
Following these transactions, TORM's order book is the following:
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TORM order book
2005 2006 2007 2008 TOTAL
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
LR2 1 1 1 1 1 5
LR1 2 1 1 0.5 1 5.5
MR 1 1 2
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A/S Dampskibsselskabet TORM
Contact persons: Klaus Kjaerulff, CEO (tel.: +45 39 17 92 00)
Klaus Nyborg, CFO (tel.: +45 39 17 92 00)
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SAFE HARBOR 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 dry-docking, 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.
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: January 27, 2005
By: /s/ Klaus Nyborg
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Klaus Nyborg
Chief Financial Officer
03810.0001 #542996