Industry Shipping Products Tankers, Bulk Headquarters Hellerup, Denmark | Founder Ditlev Torm Revenue 819 million USD (2007) Founded 1889 | |
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Type Public (Nasdaq Copenhagen: TORM,NASDAQ: TRMD) Key people Jacob Meldgaard CEO, Mikael Skov COO Subsidiaries Torm USA LLC, Torm Singapore Pte. Ltd. Profiles | ||
A/S Dampskibsselskabet TORM or TORM, based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk carriers. TORM's company's tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil. The company's dry bulk vessels are mainly focused in the Panamax segment.
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History
Founded by Ditlev Torm and Christian Schmiegelow in 1889. The company was listed on the Copenhagen Stock Exchange in 1905.
Operations
The company is composed of tanker and bulk carrier divisions, with product tanker activity accounting for the majority of the business.
TORM is one of the leading tanker carriers of clean oil products such as gasoline, jet fuel, naphtha and diesel oil and other clean products.
TORM’s bulk carrier division focuses mainly on the Panamax bulk carrier sector, carrying various bulk commodities, but principally grain, coal and iron ore. The division is also engaged in the Handysize bulk carrier segment.
The company operates approximately 130 vessels as of 2010.
On 8 June 2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and TeekayCorporation (TEEKAY) had completed the acquisition of OMI Corporation (OMI), whereby OMI became a jointly owned subsidiary of TORM and TEEKAY. TORM will consequently with effect from 1 August 2007 take over 24 product tankers from OMI, leaving TORM’s fleet at 85 vessels excluding new buildings. TORM will also take over OMI’s technical operations in India and a part of OMI’s organisation in the US.