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 January
2008
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.
1 -
2008 issued by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange
on
January 24, 2008.
Exhibit
1
 |
|
|
Acquisition of 50% of FR8
|
|
|
ANNOUNCEMENT
NO. 1 – 2008
|
|
|
24
January 2008
|
|
|
Acquisition
of
50%
of
FR8
|
|
|
A/S
Dampskibsselskabet TORM (”TORM”) announces that it has acquired a 50%
equity stake in the shipping company FR8 Holdings Pte. Ltd. (”FR8”) from
FR8 Limited, a subsidiary of the international oil trader Projector.
The
FR8 Group has offices in Singapore, London and Veracruz in Mexico
and
employs about 30 staff worldwide. Projector will continue to own
its
equity interest in FR8.
|
|
|
The
purchase price for the 50% equity stake in FR8 amounts to USD 125
million
which reflects the current value of similar shipping
companies.
|
|
|
In
accordance with TORM’s long-term strategy, ”Greater Earning Power”, the
acquisition of FR8 will provide TORM’s fleet with access to oil cargoes
from Projector and FR8. In addition, the acquisition will enhance
TORM's
insight into the demand parameters influencing the product tanker
market.
|
|
|
The
FR8 Group controls 25 vessels including 3 LR2 newbuildings for delivery
in
2008. The FR8 Group owns 6 modern product tankers, comprising 4 MR
and 2
LR1 product tankers. In addition, the FR8 Group has long-term charters
on
3 LR2, 4 LR1 and 11 MR product tankers, with purchase options on
3 of
these vessels. The FR8 Group also commercially manages 1 LR2
vessel.
|
|
|
The
agreement is subject to merger control approval and
execution.
|
|
|
For
further information on FR8, please refer to
www.fr8.com.
|
|
|
Specification
of the expectations for the 2007 result
|
|
|
TORM’s
expectations for the result before tax, excluding restructuring costs
in
connection with the acquisition of OMI, for 2007 are specified to
USD
810–820 million. The restructuring costs are ex-pected to amount to
approximately USD 15 million.
|
|
|
Contact
|
A/S
Dampskibsselskabet
TORM
Telephone +45 39 17 92 00
Tuborg
Havnevej
18 Klaus
Kjærulff, CEO
DK-2900
Hellerup –
Denmark Mikael
Skov, COO
|
|
About
TORM
|
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.
|
|
|
ANNOUNCEMENT
NO. 1 – 2008
|
|
|
24
JANUARY 2008
|
A/S DAMPSKIBSSELSKABET TORM - ACQUISITION OF 50% OF
FR8
|
|
Safe
Harbor
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
oil carried by oil tankers, the effect ofchanges 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
obligation update
and change the listed expectations to the extent required by
law.
|
|
|
ANNOUNCEMENT
NO. 1 – 2008
|
|
|
24
JANUARY 2008
|
A/S DAMPSKIBSSELSKABET TORM - ACQUISITION OF 50% OF
FR8
|
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 25, 2008
|
|
|
By:
/s/ Klaus Kjærulff
|
|
|
Klaus
Kjærulff
|
|
|
Chief
Executive Officer
|
SK
03810 0001
849005