History

TORM continued to hold a strong position in the market. Mergers and efficiency improvements during this decade helped to streamline operations.

In 1974, TORM merged with the 66-company (the Steamship Company on Bornholm of 1866). That year, Kai Engell-Jensen and Børge Jepsen joined the board. Erik Behn was appointed as CEO in 1976, and Klaus Kjaerulff joined the company.

Two product tankers and four bulk carriers were contracted from Nakskov and Odense Steel Shipyards. They were delivered over the following four years. The five oldest bulk carriers and liners were decommissioned and the recently established subsidiary, TORM Singapore, took over “Thyra TORM”. A new liner route from USA to West Africa was established in 1978.

One quarter of the seafaring employees were laid off in 1976. Employee shares to the value of DKK 500,000 were issued the same year. TORM recognised the growing need to maintain a well-trained workforce and 124 ship officers were given further training.