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 July 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 [_]

     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. 6 - 2005 issued
by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange on May 12, 2005.





Exhibit 1

ANNOUNCEMENT NO. 6 - 2005
TORM - First quarter 2005 report


12 May 2005

Profit for first quarter 2005 of USD 54.9 mill. (DKK 311.8 mill.) before tax and
profits  from  sale of  vessels.  Expectations  for 2005 are  maintained  at USD
165-175 mill. before tax, dividends received and profits from sale of vessels.

o    Profit  for the first  quarter  2005 was USD 74.3 mill.  (DKK 422.0  mill.)
     before tax, including profit from vessel sales of USD 19.4 mill. The result
     is in line with expectations.

o    As  previously  announced,  during  the  first  quarter  2005 TORM sold two
     vessels,  TORM  Hilde and TORM  Margrethe,  which  have  subsequently  been
     chartered  back for a period of five  years.  The gain on the sale of these
     two vessels  was USD 19.4 mill.  In the second  quarter  2005 TORM Asia and
     TORM Olga have been sold at a gain of about USD 30 mill.

o    Cash flow from operating activities was USD 83.4 mill. in the first quarter
     2005.

o    Return on Invested  Capital was 41.8% p.a.,  and Return on Equity was 32.3%
     p.a.  in the first  quarter  2005.  Earnings  per share (EPS) for the first
     quarter 2005 were USD 2.0.

o    Shareholders'  equity was USD 907.6 mill. as of 31 March 2005, of which the
     unrealised  value adjustment on the Norden shares was USD 48.1 mill. in the
     first quarter 2005.

o    Freight rates for the Company's  product  tankers have been at a high level
     in the first quarter  2005,  although  there has been a weakening  tendency
     during the quarter in line with expectations and normal seasonal patterns.

o    In the bulk market, the rates have recently decreased  substantially due to
     lower  levels of imports in Asia.  Due to the high  levels of  coverage  of
     freight rates, this will only have limited influence on TORM's earnings for
     the remaining part of 2005.

o    To date in 2005 TORM has  received  dividends  of USD 13.5  mill.  and sold
     vessels with a total gain of about USD 49 mill.

o    Expectations  for 2005 are  maintained  at USD  165-175  mill.  before tax,
     dividends received and profits from sale of vessels.

A telephone conference and webcast (www.torm.com),  reviewing the report for the
first quarter 2005, will take place on 12 May 2005, at 17.00 Copenhagen time. To
participate, please call 10 minutes before the call starts on tel.: +45 32 71 46
11 (from Europe) or +1 334 323 6203 (from USA).

A/S Dampskibsselskabet TORM
Contact persons:  Klaus Kjaerulff, CEO (tel.: +45 39 17 92 00)
                  Klaus Nyborg, CFO (tel.: +45 39 17 92 00)



KEY FIGURES FOR THE GROUP


USD mill.
                                                                      Q1               Q1                       Full year
                                                                    2005             2004         Change             2004
--------------------------------------------------------------------------------------------------------------------------
                                                                                                        
INCOME STATEMENT
Net revenue                                                        132.3            102.4            29%            433.3
Time Charter equivalent earnings                                   105.6             81.8            29%            350.3
Gross profit                                                        75.6             55.8            35%            240.9
Profit on sale of vessels and interests                             19.4              0.0                             0.0
Profit before depreciation                                          91.9             43.5           111%            215.5
Profit before financial items                                       81.6             35.2           132%            180.3
Financial items                                                     -7.3             -4.1            78%             30.6
Profit/(loss) before tax                                            74.3             31.1           139%            210.9
Net profit after tax for the period                                 68.5             31.1           120%            201.3
--------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET
Total assets                                                     1,499.0          1,022.7            47%          1,239.6
Shareholders' equity                                               907.6            577.4            57%            788.7
Liabilities                                                        591.4            445.3            33%            450.9

Invested capital                                                   870.9            569.6            53%            692.0
Net interest bearing debt                                          379.9            291.6            30%            271.8
--------------------------------------------------------------------------------------------------------------------------
CASH FLOW
From operating activities                                           83.4             42.3            97%            227.4
From investing activities                                         -193.6            -52.2           271%           -186.5
  thereof investment in tangible fixed assets                     -221.6            -52.2           325%           -186.7
From financing activities                                          137.4             30.4           352%             -2.8
                                                                   -----             ----                            ----
Net cash flow                                                       27.2             20.5            33%             38.1
--------------------------------------------------------------------------------------------------------------------------
KEY FIGURES
Gross margin                                                       57.1%            54.5%                           55.6%
Profit before depreciation/Net revenue                             69.5%            42.5%                           49.7%
Profit before financial items/Net revenue                          61.7%            34.4%                           41.6%
RoE (p.a.)                                                         32.3%            25.3%                           33.7%
RoIC (p.a.)                                                        41.8%            25.7%                           29.6%
Equity ratio                                                       60.5%            56.5%                           63.6%
--------------------------------------------------------------------------------------------------------------------------
Share price, end of period (DKK)*                                  303.9            178.2            71%            225.8
Millions of shares, end of period*                                  36.4             36.4             0%             36.4
Earnings per share (USD)*                                            2.0              0.9           119%              5.8
Exchange rate USD/DKK, end of period                                5.75             6.09            -6%             5.47
Exchange rate USD/DKK, average                                      5.68             5.96            -5%             5.99
--------------------------------------------------------------------------------------------------------------------------


* The comparative figures for 1st quarter 2004 are restated to reflect the issue
of bonus shares in May 2004.

Q1 2005 - segment information (USD mill.)

                                          Tanker      Bulk       Not
                                         Division   Division   Allocated   Total
                                         --------   --------   ---------   -----

Net revenue                                 85.0       47.3      0.0      132.3
Port expenses and bunker                   -23.4       -3.3      0.0      -26.7
Time charter equivalent earnings            61.6       44.0      0.0      105.6
Charter hire                                -5.5      -11.0      0.0      -16.5
Operating expenses                         -10.4       -3.1      0.0      -13.5
Gross Profit                                45.7       29.9      0.0       75.6
Profit on sale of vessels and interest      19.4        0.0      0.0       19.4
Administrative expenses                     -5.4       -1.2      0.0       -6.6
Other Operating income                       3.5        0.0      0.0        3.5
Profit before depreciation                  63.2       28.7      0.0       91.9
Depreciation                                -7.5       -2.8      0.0      -10.3
Profit before financial items               55.7       25.9      0.0       81.6
Other financial items                       -4.6       -1.1     -1.6       -7.3
Profit before tax                           51.1       24.8     -1.6       74.3
Tax                                          0.0        0.0     -5.8       -5.8
Net profit for the period                   51.1       24.8     -7.4       68.5

TANKER DIVISION

The  Tanker  division  achieved a profit in the first  quarter  2005 of USD 51.1
mill.  Of this  amount,  the gain on the sale of TORM  Hilde and TORM  Margrethe
represented USD 19.4 mill.

The market for TORM's product  tankers  started the first quarter at a very high
level  which  decreased  during  the  quarter  to  lower,  although  still  very
profitable levels.

The  continued  solid  growth in the world  economy  and  limited  growth in the
refining   capacity  in  the  Western   hemisphere   underpin   the  demand  for
transportation  of refined oil  products,  which was the basis for the high rate
level.

It is in line with normal seasonal patterns that a slowdown of the tanker market
takes  place  towards  the end of the first and into the  second  quarter as the
winter  season  ends,  and the  resulting  transportation  of heating oil to the
Western world tails off.


Earnings data for the Tanker division

                                                                   2004            2005
                                                              -----------------------------
                                                                    q1               q1           % Change
-----------------------------------------------------------------------------------------------------------
                                                                                            
LR2/Aframax vessels
Available earning days                                                455              450             -1%
TCE per earning day (USD/day) *)                                   32,012           38,567             20%
OPEX per earning day (USD/day)   **)                               -4,453           -5,526             24%
Operating C/F per earning day (USD/day) ***)                       21,697           27,570             27%
-----------------------------------------------------------------------------------------------------------

LR1/Panamax vessels
-----------------------------------------------------------------------------------------------------------
Available earning days                                                288              498             73%
TCE per earning day (USD/day) *)                                   28,270           29,788              5%
OPEX per earning day (USD/day)   **)                               -6,141           -4,991            -19%
Operating C/F per earning day (USD/day) ***)                       22,130           21,647             -2%
-----------------------------------------------------------------------------------------------------------

MR vessels
-----------------------------------------------------------------------------------------------------------
Available earning days                                              1,047            1,125              7%
TCE per earning day (USD/day) *)                                   21,491           26,484             23%
OPEX per earning day (USD/day)   **)                               -5,927           -6,223              5%
Operating C/F per earning day (USD/day) ***)                       15,565           20,261             30%
-----------------------------------------------------------------------------------------------------------


*) TCE = Time Charter  Equivalent  Earnings = Gross freight  income less bunker,
commissions and port expenses
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.

TORM's  Tanker  division  achieved  freight rates in the first quarter 2005 that
compared to the first quarter 2004 were 20%, 5%, and 23% higher for the LR2, LR1
and MR segments, respectively. Freight rates in the first quarter continued into
the first quarter at a very high level.

The number of  earning  days in the first  quarter  2005 in the  LR2-segment  is
almost  unchanged from the first quarter 2004. The number of earning days in the
LR1 segment  increased by 73% due to the delivery of the newbuildings TORM Signe
and TORM  Ismini  and TORM Sara  (built  2003).  Available  earning  days in the
MR-segment  increased by 7% compared to the same period the year  before,  which
was due to the  delivery of TORM Helvig  during the first  quarter 2005 and that
TORM Alice which was delivered  mid-first  quarter 2004 was included in the full
first quarter in 2005.

BULK DIVISION

The profit  after tax for the Bulk  division in the first  quarter  2005 was USD
24.8 mill.

Freight  rates in the bulk market  were at a high and  relatively  stable  level
during the first  quarter  2005,  although  the rates  have  shown a  distinctly
negative tendency since the quarter's end.

The development in the bulk market continues to be highly dependent on the
development in certain markets, especially China, India and Japan.


Earnings data for the Bulk division

                                                                2004            2005
                                                           --------------------------------
                                                                  q1              q1          % Change
                                                                                       
-------------------------------------------------------------------------------------------------------
Panamax vessels
Available earning days                                               1,383           1,324         -4%
TCE per earning day (USD/day) *)                                    23,219          30,641         32%
OPEX per earning day (USD/day)   **)                                -5,501          -4,794        -13%
Operating C/F per earning day (USD/day) ***)                        14,327          20,495         43%
-------------------------------------------------------------------------------------------------------

Handysize vessels
-------------------------------------------------------------------------------------------------------
Available earning days                                                 303             199        -34%
TCE per earning day (USD/day) *)                                    15,963          18,952         19%
OPEX per earning day (USD/day)   **)                                -3,112          -2,916         -6%
Operating C/F per earning day (USD/day) ***)                        11,187          15,306         37%
-------------------------------------------------------------------------------------------------------


*) TCE = Time Charter  Equivalent  Earnings = Gross freight  income less bunker,
commissions and port expenses
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.

Compared to the same period the year before,  TORM achieved freight rates in the
Bulk  division  in the first  quarter  2005 that were 32% and 19% higher for the
Panamax and Handysize  vessels,  respectively.  The higher rates for the Panamax
vessels are a result of time charters renewed at higher rates.

The number of available earning days was 4% and 34% lower for TORM's Panamax and
Handysize  vessels,  respectively.  The  decrease  was  due  to  the  expiry  of
chartered-in tonnage.

UNALLOCATED ACTIVITIES

Unallocated  activities consist principally of exchange rate adjustments on cash
and bonds denominated in DKK of USD 1.6 mill. and tax of USD 5.8 mill.

FIRST QUARTER 2005 RESULTS

Profit  after tax for first  quarter 2005 was USD 68.5 mill.  including  gain on
sale of TORM Margrethe and TORM Hilde of USD 19.4 mill. The result is considered
to be highly satisfactory.

Time Charter  Equivalent  Earnings  increased  in the first  quarter 2005 to USD
105.6 mill.  (USD 81.8 mill. in first quarter  2004).  The increase is primarily
the result of firming freight rates in the Bulk division, partly offset by fewer
earning days in this division, combined with better rates and a higher number of
earning days in the Tanker division.

Gross profit was USD 75.6 mill. (USD 55.8 mill.)

Profit before depreciation - including gain on sale of vessels of USD 19.4 mill.
(USD 0 mill.) - was USD 91.9 mill. (USD 43.5 mill.).

Depreciation  was USD 10.3 mill. in the first quarter 2005 (USD 8.3 mill.).  The
increase in  depreciation  is a result of the  increase in the size of the fleet
through the delivery of both  newbuildings  and second hand  vessels  during the
period March 2004 - January 2005.

Financial  items  were a net  expense  of USD 7.3 mill.  (USD 4.1  mill.).  This
includes net interest  expenses of USD 3.1 mill.,  other financial items of plus
USD 0.2 mill. and negative  exchange rate  adjustments on assets  denominated in
currencies other than USD of USD 4.4 mill. These assets mainly comprise cash and
bonds  denominated  in DKK.  The  bond  portfolio  is in the  process  of  being
divested.

Profit before tax was USD 74.3 mill. (USD 31.1 mill.),  and Profit after tax was
USD 68.5 mill. (USD 31.1 mill.).  Of this, the Tanker  division  contributed USD
51.1 mill. and the Bulk division contributed USD 24.8 mill. Other activities had
Profit after tax of USD -7.4 mill.

Cash flow from operating  activities was positive by USD 83.4 mill. in the first
quarter 2005, and consisted mainly of cash earnings.

Cash flow from investing  activities was negative by USD 193.6 mill. This amount
consists of investments in tangible fixed assets - mainly  additions of vessels,
less the effect of sales of vessels.

Cash flow from  financing  activities  was USD 137.4 mill.  in the first quarter
2005.  This amount  comprises  borrowings  in  connection  with the  delivery of
newbuildings  and second hand vessels of USD 159.1  mill.,  less  repayments  on
mortgage and leasing debt of USD 21.7 mill.

The  total  cash  effect  from the first  quarter  2005 was USD 27.2  mill.  The
Company's cash and equivalents were USD 92.7 mill. against USD 65.6 mill. at the
end of 2004.

During the first quarter 2005 total assets  increased  from USD 1,239.6 mill. to
USD 1,499.0  mill.,  mainly due to an increase in fixed assets during the period
from USD 1,056.5 mill. to USD 1,256,2. mill. This was positively impacted by the
effect of delivery of  newbuildings  and second hand vessels as described in the
section about fleet  development  and the increased  value of the  investment in
Norden,  offset by  depreciation  during the period.  The Norden  investment  is
valued at DKK 3,245 per share,  the Copenhagen  Stock Exchange share price on 31
March 2005.

Net  interest  bearing debt  increased in the first  quarter 2005 from USD 291.6
mill.  to USD 379.9 mill.  Net interest  bearing debt  includes a payment of USD
105.3 mill.  to the seller of certain of the vessels  TORM  acquired  during the
first  quarter  2005.  This loan is  interest-free  until  September  2005.  The
increase in net interest  bearing debt in the quarter is consequently due to net
borrowing in connection with the purchase or delivery of vessels,  offset by the
positive cash effect from operations during the period.

In the first quarter 2005 shareholders' equity increased from USD 788.7 mill. to
USD 907.6  mill.  mainly as an effect of the result in the period and a positive
value  adjustment on TORM's  shareholding in Norden.  Shareholders'  equity as a
percentage of total assets  decreased from 63.6% at 31 December 2004 to 60.5% at
31 March 2005.

As at 31 March 2005, TORM owned 1,568,472 own shares,  corresponding  to 4.3% of
the  Company's  share  capital,  which is a  reduction  of 8,140  shares from 31
December 2004.



FLEET DEVELOPMENT AND ORDER BOOK

TORM  continued  the renewal and  expansion  of the owned fleet during the first
quarter 2005.

The two LR1 product  tankers TORM  Margrethe  (built 1988) and TORM Hilde (built
1990) have been sold,  and the Company has taken delivery of the two LR1 product
tankers  TORM Signe and TORM Sara and the MR product  tanker TORM  Helvig.  As a
result, the average age of the tanker fleet as at mid-May 2005 is 3.7 years.


                                                          Fleet overview

                                                    1 January - 31 March 2005
                --------------------------------------------------------------------------------------------------
                     Beginning
                       Balance         Additions                  Sales                    Ending Balance
                       -------         ---------                  -----                    --------------
                                                                               
TANKERS
LR2                   5.0                                                                      5.0
LR1                   4.5              TORM Signe & Sara          TORM Margrethe & Hilde*      4.5
MR                   12.0              TORM Helvig                                            13.0
                     -----                                                                    ----
 TOTAL               21.5                                                                     22.5

BULKERS
Panamax               6.0                                                                      6.0
Handysize             2.0                                                                      2.0
                      ---                                                                      ---
 TOTAL                8.0                                                                      8.0

TOTAL                29.5                                                                     30.5


   * Chartered back on five year charter.

In the second quarter 2005 TORM entered into an agreement to sell the MR product
tankers TORM Olga (built  1992) and TORM Asia (built 1994) with  delivery in the
second and third quarter 2005,  respectively.  The gain on the sale is about USD
30 mill.

Following the delivery of three product  tankers in 2005 so far, the total order
book stands at 15.5 product tankers and one bulk vessel:



                                               TORM's order book of vessels

                         2005                          2006                           2007                    2008       TOTAL
                         ----                          ----                           ----                    ----       -----
                     q2      q3      q4       q1      q2      q3      q4       q1      q2      q3     q4         q1
                    ----   ----    ----     ----    ----     ----    ----     ----    ----   ----   ----       ----
                                                                                  
LR2                                                    1       1                1       1                         1         5
LR1                   1       1                1                     0.5        1                                         4.5
MR                    6                                                                                                     6

Panamax               1                                                                                                     1


PRODUCT TANKER POOLS

As at 31 March 2005 the three product tanker pools consisted of 76 vessels,  and
a further two vessels have joined the pools in April 2005.

DAMPSKIBSSELSKABET 'NORDEN' A/S

TORM's investment in Norden once again developed positively in the first quarter
of 2005.  The value of the Norden  shareholding  was DKK 2,362 mill.  (USD 411.0
mill.) at 31 March 2005 - an increase of DKK 378 mill. (USD 48.1 mill.) since 31
December 2004.

As of 2005 value adjustments are recognized directly under shareholders' equity.

Furthermore,  Norden  have  since  the end of the first  quarter  of 2005 paid a
dividend  which for TORM  corresponds  to an  income  of DKK 73 mill.  (USD 13.5
mill.)

TORM continues to be satisfied with the investment in Norden given the Company's
positive expectations for the bulk market as well as having regard to Norden's
forward coverage profile and income potential in 2005.

EXPECTATIONS FOR 2005

Tanker division

During the first  quarter  the rates were  generally  as  expected in the Tanker
division's three segments, whereas the rate level in the beginning of the second
quarter has been slightly better than expected.  The rate  expectations  for the
Tanker division are therefore relatively unchanged.

Bulk division

It appears  after a very strong  first  quarter that Japan and China have scaled
back the import volumes in the second quarter noticeably following the beginning
of the new  fiscal  year in April,  where  the  price of iron ore has  increased
considerably.  A similar development occurred in 2004 when the build up of large
inventories of raw materials in the first quarter  subsequently  saw a reduction
in inventories in the second quarter.

As it was the case in 2004, this has led to a significant  weakening of the bulk
market in the second quarter.

TORM  expects  that - as it was the case in 2004 - the  reduction in imports and
therefore  the lower  freight  rates  will be of a  temporary  nature,  and that
freight  rates   consequently  will  increase  again  later  in  the  year  when
inventories reach lower levels,  although not necessarily at the same pace as in
2004.

As of 1 May 2005 about 78% of TORM's earning days in 2005 in the Panamax segment
were covered at an average rate of USD 30,400 per day.

Financial expectations to 2005

Since TORM  announced  its estimate  for earnings in 2005 on 8 March 2005,  rate
developments during the first quarter have been largely as expected.

The beginning of the second  quarter has been  slightly  better than expected in
the  Tanker  division,  whereas  the weaker  Bulk  market has only had a smaller
impact for the Bulk  division so far given the high  degree of forward  coverage
and will only be of very limited influence in the second quarter 2005.

Also,  TORM has sold two  vessels  since 8 March,  which  will  result  in fewer
earning days during the year.

The net effect of the above mentioned developments is that expectations for 2005
are maintained at USD 165-175 mill. before tax,  dividends  received and profits
from sale of vessels.

In  addition  to  this,  TORM has - as  mentioned  before - sold a total of four
vessels with a combined gain of about USD 49 mill.  and received  dividends from
Norden of USD 13.5 mill. - in total USD 62.5 mill.

The  expectations  are based on a USD/DKK exchange rate of 5.40, and are subject
to uncertainty in both directions. The USD/DKK exchange rate was 5.75 at the end
of first quarter 2005.


SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS

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.



ACCOUNTING POLICIES

The  accounting  policies  have been changed as of 1 January 2005 to comply with
International  Financial  Reporting  Standards (IFRS).  The accounting  policies
applied in the  preparation  of the  consolidated  financial  statements for the
first  quarter of 2005 have changed as described in the section  "Effect of IFRS
adoption"  in  the  Annual  Report  2004.   Reconciliation  of  net  profit  and
shareholders'  equity for the first  quarter of 2004 between  previous  GAAP and
IFRS is presented below.


Effect of IFRS adoption

Q1 2004                                                         Income       Shareholders'
USD mill.                                                     statement         equity
---------------------------------------------------------------------------------------
                                                                           
According to previous GAAP                                        176.2          584.3
Effect of:
Change in liability and value of exercised share options           -9.5
Unrealized value adjustment, shares                              -135.6
Exchange rate adjustment due to change of
   measurement currency in the administrative entity                               0.1
Liability, non-exercised share options                                            -7.0
                                                         ------------------------------

According to current GAAP                                          31.1          577.4

---------------------------------------------------------------------------------------


TORM does not apply IAS 34 in the preparation of interim financial statements.

The report for the first quarter of 2005 is unaudited in line with normal
practice

TELEPHONE CONFERENCE AND WEBCAST

TORM invites  analysts and  investors to a telephone  conference  reviewing  the
report for the first quarter 2005 on 12 May 2005, at 17.00  Copenhagen time. The
conference  call  will be  conducted  in  English  and will be  hosted  by Klaus
Kjaerulff,  CEO and Klaus Nyborg,  CFO. To  participate,  please call 10 minutes
before the call starts on tel.: +45 32 71 46 11 (from Europe) or +1 334 323 6203
(from USA).  The  telephone  conference  will also be broadcast via the Internet
(www.torm.com), from where presentation material can also be downloaded.

NEXT REPORTING

TORM's financial report for the second quarter 2005 will be released on 9 August
2005.



Income statement


USD mill.
                                              Q1 2005       Q1 2004        2004
                                              -------       -------        ----

Net revenue                                    132.3         102.4       433.3
Port expenses and bunkers                      -26.7         -20.6       -83.0
                                              ---------------------------------

Time Charter Equivalent Earnings               105.6          81.8       350.3

Charter hire                                   -16.5         -14.2       -59.6
Technical running costs                        -13.5         -11.8       -49.8
                                              ---------------------------------

Gross profit                                    75.6          55.8       240.9

Profit on sale of vessels and interests         19.4           0.0         0.0
Administrative expenses                         -6.6         -15.1       -38.6
Other operating income                           3.5           2.8        13.2
                                              ---------------------------------

Profit before depreciation                      91.9          43.5       215.5

Depreciation                                   -10.3          -8.3       -35.2
                                              ---------------------------------

Profit before financial items                   81.6          35.2       180.3

Financial items                                 -7.3          -4.1        30.6
                                              ---------------------------------

Profit before tax                               74.3          31.1       210.9

Tax                                             -5.8           0.0        -9.6
                                              ---------------------------------

Net profit for the period                       68.5          31.1       201.3
                                              ---------------------------------




Balance sheet

USD mill.
                                            31           31             31
                                        March 2005    March 2004   December 2004
                                        ----------    ----------   -------------

ASSETS
NON-CURRENT ASSETS
Tangible fixed assets
Leasehold improvements                       0.1         0.2            0.0
Land and buildings                           0.4         0.4            0.4
Vessels and capitalized dry-docking        680.5       544.2          647.6
Vessels under construction and
prepayments for vessels                    155.9        32.7           37.3
Other plant and operating equipment          2.7         2.4            2.7
                                       -----------------------------------------
                                           839.6       579.9          688.0
                                       -----------------------------------------

Other non-current assets
Other investments                          416.6       299.4          368.5
                                       -----------------------------------------
                                           416.6       299.4          368.5
                                       -----------------------------------------

TOTAL NON-CURRENT ASSETS                 1,256.2       879.3        1,056.5
                                       -----------------------------------------

CURRENT ASSETS
Inventories of bunkers                       6.5         4.8            5.8
Freight receivables, etc.                   32.1        23.2           36.0
Other receivables                           12.6        10.2           12.8
Prepayments                                  7.0         1.9            4.9
Securities                                  60.2        55.4           58.1
Cash and cash equivalents                   92.7        47.9           65.5
                                       -----------------------------------------
                                           211.1       143.4          183.1
Non-current assets held for sale            31.7         0.0            0.0
                                       -----------------------------------------
TOTAL CURRENT ASSETS                       242.8       143.4          183.1
                                       -----------------------------------------

TOTAL ASSETS                             1,499.0     1,022.7        1,239.6






Balance sheet

USD mill.
                                               31 March 2005     31 March 2004      31 December 2004
                                               -------------     -------------      ----------------
                                                                              
SHAREHOLDERS' EQUITY
Common shares                                      61.1              30.6                61.1
Own shares                                         -7.7              -7.8                -7.8
Retained profit                                   754.3             518.0               635.5
Proposed dividend                                  99.9              36.6                99.9
                                                ----------------------------------------------
TOTAL SHAREHOLDERS' EQUITY                        907.6             577.4               788.7
                                                ----------------------------------------------

LIABILITIES
Long-term liabilities
Mortgage debt and bank loans                      370.7             344.3               333.3
                                                ----------------------------------------------
Short-term liabilities
Mortgage debt and bank loans                       56.8              50.5                62.1
Other financial liabilities                       105.3               0.0                 0.0
Trade accounts payable                             16.7              12.8                15.7
Current tax liability                              14.7               0.0                 9.1
Other liabilities                                  20.8              29.2                23.3
Accruals                                            6.4               8.5                 7.4
                                                ----------------------------------------------
TOTAL SHORT-TERM LIABILITIES                      220.7             101.0               117.6

TOTAL LIABILITIES                                 591.4             445.3               450.9
                                                ----------------------------------------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      1,499.0           1,022.7             1,239.6






Cash flow statement

USD mill.

                                                                      Q1 2005              Q1 2004
                                                                      -------              -------
                                                                                         
CASH FLOW FROM OPERATING ACTIVITIES
Profit before financial items                                            81.6                 35.2
Interest income, exchange rate gains and dividends
received                                                                  1.3                  1.0
Interest expenses                                                        -4.8                 -3.7
                                                                     -------------------------------
                                                                         78.1                 32.5
Adjustments:
Reversal of depreciation and impairment loss                             10.3                  8.3
Reversal of other non-cash movements                                     -9.4                 -0.8
Change in inventories, accounts receivables and payables                  4.4                  2.3
                                                                     -------------------------------

Net cash inflow from operating activities                                83.4                 42.3
                                                                     -------------------------------

CASH FLOW FROM INVESTING ACTIVITIES
Investment in tangible fixed assets                                    -221.6                -52.2
Investment in equity interests and securities                             0.0                  0.0
Sale of fixed assets                                                     47.4                  0.0
     including profit on sale of vessels                                -19.4                  0.0
     (included in operating activities)
                                                                     -------------------------------

Net cash inflow/(outflow) from investing activities                    -193.6                -52.2
                                                                     -------------------------------

CASH FLOW FROM FINANCING ACTIVITIES
Borrowing, mortgage debt and other financial liabilities                159.1                 71.4
Repayment/redemption, mortgage debt                                     -21.7                -30.4
Repayment/redemption, lease liabilities                                   0.0                -11.6
Dividends paid                                                            0.0                  0.0
Purchase/disposals of own shares                                          0.0                  1.0

                                                                     -------------------------------

Cash inflow/(outflow) from financing activities                         137.4                 30.4
                                                                     -------------------------------


Increase/(decrease) in cash and cash equivalents                         27.2                 20.5

Cash and cash equivalents at 1 January                                   65.5                 27.4
                                                                     -------------------------------

Cash and cash equivalents at 31 March                                    92.7                 47.9






Shareholders' equity

USD mill.                                                       Q1 2005
                                                              ----------

Balance at 1 January 2005, IFRS*                                  788.7

Fair value adjustment of derivative financial instruments           1.9
Fair value adjustment of Other investments                         48.1
Exercise share options                                              0.4
Net profit for the period                                          68.5
                                                              ----------

Balance at 31 March 2005                                          907.6

*)  Shareholders'  equity  according to Annual Report 2004  translated  into USD
using the exchange rate at year-end 2004. Please refer to the Annual report 2004
for a reconciliation from previous to current accounting practice.






Reconciliation  to United States Generally  Accepted  Accounting  Principles (US
GAAP) as of 31 March 2005


 DKK mill.
                                                                  Shareholders'
                                                     Net Income      Equity
                                                     ----------      ------

 As reported under Danish GAAP                           68.5         907.6

 Dry-dock costs                                          -1.1          -9.4
 Reversal of write-down of vessels                        0.0          -1.4
 Unrealised gains/losses on marketable securities         2.0           0.0
 Derivative financial instruments                         1.2           0.0
 Share options                                            0.0           0.0
 Deferred gain on sale and lease back                   -18.7         -18.7
 Deferred tax                                             3.9         -69.2
                                                      ---------     ---------
 According to US GAAP                                    55.8         808.8


For a review of principles and methods used in the reconciliation,  please refer
to the 2004 Annual Report.




STATEMENT BY THE BOARD OF DIRECTORS AND MANAGEMENT ON THE INTERIM REPORT

The Board of directors and Management  have  considered and approved the interim
report for the period 1 January - 31 March 2005.

The interim report, which is unaudited, has been prepared in accordance with the
general Danish financial  reporting  requirements  governing  listed  companies,
including the measurement and recognition  provisions in IFRS which are expected
to be applicable for the annual report for 2005.

We consider the accounting  policies  applied to be appropriate.  In our opinion
the interim report gives a true and fair view of the Group's financial  position
at 31 March 2005 and of the results of operations  and  consolidated  cash flows
for the period 1 January - 31 March 2005.


Copenhagen, 12 May 2005


Management

Klaus Kjaerulff, CEO
Klaus Nyborg, CFO


Board of Directors

N. E. Nielsen, Chairman 
Christian Frigast, Deputy chairman 
Lennart Arrias (elected by the employees) 
Ditlev Engel Rex Harrington Peder Mouridsen (elected by the employees) 
Gabriel Panayotides









                                   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: July 18, 2005
                                                  By: /s/ Klaus Nyborg
                                                  --------------------------
                                                  Klaus Nyborg
                                                  Chief Financial Officer






03810.0001 #571077v2