UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE
13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of March 2009
Commission
File Number: 000-49650
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 of Form 20-F or Form 40-F.
Form 20-F
[x] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant's security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is
a copy of Announcement No. 3 -
2009 issued by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange on
March 11, 2009.
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.
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A/S STEAMSHIP COMPANY
TORM
(registrant)
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Dated:
March 26, 2009
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By:
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/s/ Mikael Skov | |
| Name: Mikael Skov | |||
| Title: Chief Executive Officer | |||
Exhibit 1
ANNOUNCEMENT NO. 3 – 2009 11 March 2009
"TORM
posted the best operating result ever for 2008. The outlook for 2009
reflects the recession in the global economy. TORM has initiated a comprehensive
efficiency programme in order to improve the cost level by USD 40-60 million.
Based on a solid financial situation, TORM expects to continue the Company’s
positive development," says CEO Mikael Skov.
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·
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The
pre tax profit for the year was USD 392 million before non-cash
mark-to-market adjustments of financial instruments of USD -32 million.
The profit before tax for the year was USD 360 million, which is in line
with the latest guidance of 355-370 million. The Board of Directors
considers the profit to be very
satisfactory.
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·
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The
total cash flow was USD 63 million of which cash flow from operating
activities was USD 385 million, cash flow from investing activities USD
-262 million and cash flow from financing activities USD -59
million.
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·
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As
of 31 December 2008, equity amounted to USD 1,279 million (DKK 6,753
million), corresponding to USD 18.5 per share (DKK 97.5) excluding
treasury shares.
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·
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The
market value of the Company’s fleet as of 31 December 2008 exceeded the
book value by USD 367 million, corresponding to USD 5.3 per share (DKK
28.0) excluding treasury shares. At the end of 2008, the Company owned 65
vessels, 59 of which were product tankers and six bulk carriers. By the
end of 2008, TORM had 20 vessels on order and had exercised one
purchase option.
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·
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Return
on Invested Capital (RoIC) was 16.4% and Return on Equity (RoE) was
30.6%.
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·
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TORM’s
strategy plan “Greater Earning Power 2,0”, which was approved in January
2008, is expected to be adapted to the global economic development
maintaining TORM’s ambitions and strategic
focus.
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·
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In
2008, TORM initiated a CSR project where the main focus areas are climate,
working environment and human and labour rights. In February 2009, TORM
has committed itself to comply with UN Global
Compact.
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·
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In
March 2008, TORM acquired 50% of the shipping company FR8 at a price of
USD 125 million. FR8 contributed positively to TORM’s net profit with USD
27 million.
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·
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Following
the integration of OMI, at the end of 2008 the Company has launched a
comprehensive efficiency programme focusing on standardization of
processes, better utilization of the IT platform, an improved level
of vessel operating expenses as well as optimization of the Company’s
global land-based setup. Once it is fully implemented at the end of 2009,
the programme is expected to contribute with annual cost savings of USD
40-60 million, corresponding to
15-20%.
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·
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As
of 31 December 2008, TORM had unused credit facilities and cash of
approximately USD 675 million. More than 60% of the Company’s debt is due
after 2012.
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·
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As
of 1 March 2009, TORM had covered approximately 38% of the remaining
earning days in 2009.
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·
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The
forecasted profit before tax for 2009 is USD 100-140 million. Given the
global recession there is considerable uncertainty around the
forecast.
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·
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The
Board of Directors recommends, subject to the approval at the Annual
General Meeting, that a dividend of DKK 4.00 (USD 0.76) per share be paid,
corresponding to a total dividend payment of DKK 291 million (USD 55
million) and equivalent to a return of 7.2% in relation to the closing
price of the Company’s shares on the last business day of 2008.
Including the extraordinary dividend of DKK 4.50 (USD 0.84) per share paid
out in December 2008, the accumulated dividend for 2008 was 32% of the net
profit equivalent to DKK 619 million (USD 117
million).
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ANNOUNCEMENT NO. 3 – 2009 |
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11 MARCH
2009
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A/S
DAMPSKIBSSELSKABET TORM – TORM'S ANNUAL REPORT 2008 /
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ANNOUNCEMENT NO. 3 – 2009 |
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2009
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DAMPSKIBSSELSKABET TORM – TORM'S ANNUAL REPORT 2008 /
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Telephone
conference:
A
telephone conference and webcast (www.torm.com) reviewing the Annual Report 2008
will take place
today, 11
March 2008, at 16:00 Copenhagen time. To participate, please call 10 minutes
before the call on
tel.: +45
3271 4607 (from Europe) or +1 334 323 6201 (from the USA). A replay of the
conference will be
available
from TORM’s website.
Contact:
Mikael
Skov, CEO, tel.: +45 39 17 92 00
Roland M.
Andersen, CFO, tel.: +45 39 17 92 00
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About
TORM
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TORM
is one of the world's leading carriers of refined oil products as well as
being a significant participant in the dry bulk market. The Company
operates a combined fleet of more than 130 modern vessels, principally
through a pooling cooperation with other respected shipping companies who
share 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 the
Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker
TRMD). For further information, please visit www.torm.com.
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Safe
Harbor
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 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.
Forward
looking statements are based on management’s current evaluation, and TORM
is only under obligation to update and change the listed expectations to
the extent required by law.
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ANNOUNCEMENT NO. 3 – 2009 |
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2009
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