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 July 2007
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.
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 ]
If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Set
forth herein as Exhibit 1 is
a copy of Announcement No.
17 -
2007 issued by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange
on
July 6, 2007.
| DISTRIBUTION OF EXTRAORDINARY DIVIDEND IN LIEU OF SHARE BUY-BACK |
ANNOUNCEMENT
NO. 17 – 2007
6
July 2007
|
|
|
Distribution
of extraordinary dividend in lieu of share buy-back
program
|
|
In
release No 15 of 29 June 2007, TORM announced that the contemplated
share
buy-back program was postponed until the third quarter due to technical
reasons.
The
Board of Directors of TORM has today decided not to complete the
contemplated share buy-back program. The rationale behind the decision
is
that the technical problems in connection with the share buy-back,
in
particular in relation to US shareholders and ADR holders, have
proven too
big, and the transaction structure would impose substantial restrictions
on TORM’s operational and strategic freedom of action in the coming
months.
The
DKK 2 billion that since the sale of the shares in Dampskibsselskabet
“NORDEN” and the purchase of the shares in OMI Corporation has been
reserved for the share buy-back program will the Board of Directors
instead propose to be distributed to the shareholders as an extraordinary
dividend. Completion of such a dividend distribution requires a
shareholders resolution and the Board of Directors will therefore
convene
an extraordinary general meeting to be held on Tuesday, 14 August
2007.
Assuming
that the general meeting will grant this authority, the Board of
Directors
intends to exercise this authority in connection with the release
of the
semi-annual report on 31 August 2007, resulting in distribution
of the DKK
2 billion as dividends in the beginning of September
2007.
|
| Contact | Klaus
Kjærulff, CEO, tel.: +45 39 17 92 00, mobile: +45 40 10 81
11.
N. E. Nielsen, Chairman, tel.: +45 72 27 00 00, mobile: +45 25
26 33
43.
|
| 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 more than 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
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:
July 6, 2007
By:
/s/ Klaus
Kjærulff
Klaus
Kjærulff
Chief
Executive
Officer
SK
03810 0001
790185