With reference to announcement no. 25 dated 11 May, TORM and the Company's group of banks agreed on a temporary deferral of instalments and covenant standstill until 31 May 2012. TORM expects the temporary agreement with the banks to be renewed shortly.
Last month, the company's lenders agreed to a temporary deferral of instalments and covenant standstill until May 31.
The dry-bulk and tanker operator is one of a several shipping companies fighting for survival in a sector slump, now in its fourth year, caused by a weak global economy, oversupply of vessels and freight rates at loss-making levels.
TORM is one of the world's leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 140 modern vessels in cooperation with other respected shipping companies sharing TORM's commitment to safety, environmental responsibility and customer service.