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 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. 5 -
2008 issued by A/S STEAMSHIP COMPANY TORM (the “Company”) to The Copenhagen
Stock Exchange on March 14, 2008, as well as a copy of the Company’s Annual
Report for FY2007 as Exhibit 99.1.
Exhibit
1
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ANNOUNCEMENT
NO. 5 - 2008
14
March 2008
At
the end of 2007, TORM’s Board of Directors and Management developed a new
strategy, “Greater Earning Power 2.0”, which was approved in January 2008.
The strategy focuses on continued growth over the next three years, which
means that the number of vessels in the fleet has to grow to 225-250 incl.
pool vessels. The organization’s resources should reflect these ambitions,
and therefore the next three years will focus on the development of
competences and growth as well as to operate the Company in a socially
responsible manner.
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| ● | The
profit before restructuring costs and tax was USD 819 million, which is in
line with the latest forecast of USD 810-820 million excluding
restructuring costs of USD 15 million in connection with the acquisition
of OMI. No vessels have been sold in 2007. The Board of Directors
considers the profit to be highly satisfactory.
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EBITDA was
USD 304 million (DKK 1,654 million).
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Cash flow
from operating activities was USD 205 million (DKK 1,115 million). Cash
flow before financing activities was USD -159 million (DKK -865 million),
while cash flow from investing activities was USD -364 million (DKK -1,980
million).
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●
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At 31
december 2007, equity amounted to USD 1,081 million (DKK 5,491 million),
corresponding to USD 15.6 per share (DKK 79.3) excluding treasury
shares.
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●
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The market
value of the Company’s fleet as of 31 December 2007 exceeded the book
value by USD 1,578 million (2006: USD 1,061 million), equalling USD 22.8
per share (DKK 115.8) excluding treasury shares. To this should be added
44 chartered vessels. The company has purchase options on 19 of
these.
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Return on
Invested Capital (RoIC) was 10.5% (2006: 19.6%), and Return on Equity
(RoE) was 67.1% (2006: 21.5%).
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In March
2007, TORM sold its stake in Norden at a price of DKK 3,987 million (USD
713 million), and in September half of the proceeds were distributed as an
extraordinary dividend, corresponding to DKK 27.5 per share (USD 5.1 per
share).
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In June 2007,
TORM took over the US shipping company OMI in collaboration with the
Canadian shipping company Teekay. In connection with the acquisition of
OMI, TORM took over 26 product tankers incl. one newbuilding for delivery
in 2009. Four of these were chartered vessels.
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| ● | At the end of
2007, the Company owned 62 vessels, 56 of which were product tankers and
six bulk carriers. In addition to the vessels taken over from OMI, the
Company took delivery of five vessels during the year and contracted seven
newbuildings not yet delivered.
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By the end of
2007, TORM had 21 vessels on order and had exercised one purchase option.
Consequently, the Company’s fleet of owned and chartered vessels will by
2011 consist of 143 vessels incl. pool vessels based on existing
contracts.
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The forecast
profit before tax for 2008 excl. sale of vessels is USD 210-230 million.
The profit before tax in 2007 was USD 161 million, excluding a profit of
USD 643 million from the sale of the Norden shares.
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The Board of
Directors recommends, subject to approval by the Annual General Meeting,
that a dividend of DKK 4.50 (USD 0.89) per share be paid, corresponding to
a total dividend payment of DKK 327.6 million (USD 64.5 million) and
equivalent to a return of 2.5% in relation to the closing price of the
Company’s shares on the last business day of 2007. Including the
extraordinary dividend of DKK 27.5 (USD 5.1) per share paid out in
September 2007, the accumulated dividend for 2007 was 55% of the net
profit equivalent to DKK 2,330 million (USD 434
million).
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Telephone
conference
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A
telephone conference and webcast (www.torm.com) reviewing the Annual
Report 2007 will take place today, 14 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.
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Contact
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A/S
Dampskibsselskabet
TORM Telephone
+45 39 17 92 00
Tuborg
Havnevej
18 Klaus
Kjærulff, CEO
DK-2900
Hellerup
Denmark
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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 128 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
|
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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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:
March 19, 2008
By: /s/ Klaus
Kjærulff
Klaus
Kjærulff
Chief
Executive Officer
SK 03810 0001
864964