History

In 1989, TORM celebrated its 100th anniversary with a large party.

Sven Gullev took over as chairman after the death of Kai Engell-Jensen in 1990.

In the early 1990s, TORM made shipping history when it established TORM BurWain Tankers (TBT), a pool partner collaboration (later called the LR1 pool). In 1998, the MR pool was established with ships from TORM, Pacific Carriers and Primorsk.

The fleet continued to grow throughout the 1990s. Three product tankers of 30,000 tdw were purchased from Sovcomflot and a former Ove Skou ship was added to the liner fleet. By 1992, TORM controlled 36 product tankers with a total tdw of 1,760,000.

TORM’s collaboration with Rederibolaget Gotland gathered pace and together they bought the “Panda”. They also sold off the Sovcomflot ships and the last single-hull product tankers. In 1997, five ships including two 100,000 tdw product tankers were delivered.

In 1995, HRH Prince Henrik presented Sven Gullev and Erik Behn with the King Frederik IXs award.

As a result of the economic crisis in Asia, the fleet’s value depreciated 17 percent.