TORM Orders Tanker from China

Thursday, February 26, 2004
A/S Steamship Co TORM signed a contract with Dalian New Shipbuilding Ltd. in the People's Republic of China for construction of one high-specification 110,000 dwt Aframax (LR2) product tanker. This order is based on an option granted when TORM placed an order for two vessels in October 2003. In addition, TORM has also signed a contract to acquire the 1995-built MR product tanker TORM ALICE from Rederi AB Gotland. The newly constructed vessel is due to be delivered during the first quarter of 2008 and represents the latest addition to the substantial newbuilding program initiated in 1999. The six remaining newbuildings will be delivered in 2004-8 and represent an investment of more than USD 200 million. TORM ALICE, which is trading in the Company's MR pool, was owned by TORM until 2002 and will be delivered today, February 18, 2004. The two transactions underline the Company's commitment to a strategy based on owning and operating, in cooperation with its pool partners, a product tanker fleet among the most modern and technologically advanced in the world and aimed at offering customers the capacity, flexibility and quality required.
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