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TORM plc: Publication of TORM A/S' first quarter 2016 report

"In the first quarter of 2016, the product tanker market continued at
profitable levels. TORM's operational platform proved its strength again and
delivered average freight rates of almost 20,000 USD/day, which is in line
with the level seen in the previous quarter despite a generally softer
underlying market,"
says Executive Director Jacob Meldgaard and adds, "the strong operational cash
flow has solidified our financial position
further and provides strategic flexibility as well as enables a distribution
In the first quarter of 2016, TORM realized an EBITDA of USD 70m and a profit
before tax of USD 31m.


On 15 April 2016, TORM established a new corporate structure of the TORM Group
including the insertion of a UK parent company, TORM plc (the "Corporate

TORM plc was listed on Nasdaq Copenhagen on 19 April 2016, and TORM A/S was
delisted from Nasdaq Copenhagen on 26 April 2016. The Corporate
Reorganization was supported by 95.9% of TORM A/S' shareholders, and TORM plc
has initiated a squeeze-out process in order to redeem the remaining TORM A/S
shareholders and obtain 100% ownership of TORM A/S.

The Corporate Reorganization was executed after the first quarter of 2016 and
will be accounted for as an internal reorganization of entities under common
control. Therefore, the assets and liabilities of TORM A/S and its
subsidiaries will be accounted for at their historical cost basis and will
not be revalued. Consequently, TORM has decided to publish TORM A/S' first
quarter results, as the historical TORM A/S results will also comprise the
consolidated TORM plc financial statements in any future TORM plc financial

Attached is TORM A/S' results for the first quarter of 2016.

Earnings forecast

For the full year 2016, TORM plc expects an EBITDA in the range of USD
250-330m and a profit before tax in the range of USD 100-180m. The guidance
is unchanged compared to TORM A/S' previously issued guidance. As 19,102
earning days in 2016 are unfixed as at 31 March 2016, a change in freight
rates of USD/day 1,000 will impact the profit before tax by USD 19m.

| TORM will be hosting a conference call for financial analysts and investors at 27 Old Gloucester Street , London WC1N 3AX, United Kingdom |
|3 pm CEST today. Please dial in 10 minutes before the conference is due to |
|start on +45 3271 4611 (from Europe) or +1 888 222 0364 (from the USA). The Tel.: +45 3917 9200 / Fax: +45 3917 9393, |
|presentation can be downloaded from Jacob Meldgaard, Executive Director tel.: +45 3917 9200 |
| Mads Peter Zacho, CFO, TORM A/S, tel.: +45 3917 9200 |
| Christian Søgaard-Christensen, IR, tel.: +45 3076 1288 |


TORM is one of the world's leading carriers of refined oil products. The
Company operates a fleet of approximately 80 modern vessels with a strong
commitment to safety, environmental responsibility and customer service. TORM
was founded in 1889. The Company conducts business worldwide. TORM's shares
are listed on Nasdaq Copenhagen (ticker: TRMD A). For further information,
please visit


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 statements other than statements of historical facts. The
words "believe," "anticipate," "intend," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect," "pending" and similar
expressions generally identify forward-looking statements.

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 the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies that are difficult or impossible
to predict and are beyond our control, the Company cannot guarantee 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 the world economy and currencies, changes in charter hire rates
and vessel values, changes in demand for "ton 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 the regulation of shipping operations,
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, political events or acts by terrorists.

In light of these risks and uncertainties, you should not place undue reliance
on forward-looking statements contained in this release because they are
statements about events that are not certain to occur as described or at all.
These forward-looking statements are not guarantees of our future
performance, and actual results and future developments may vary materially
from those projected in the forward-looking statements.

Except to the extent required by applicable law or regulation, the Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date
of this release or to reflect the occurrence of unanticipated events.

09-2016 - Publication of TORM A_S' first quarter 2016 report - US
Appendix to 09-2016 - Q1 2016 - US


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TORM plc via Globenewswire


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