History

In 2000, American Investors and Sanyo Hellas announced that they owned over a third of TORM shares. As a result, the Board stepped down and a new Board was elected. Erik Behn was elected Chairman. In 2002, Erik Behn stepped down as Chairman and was replaced by N.E Nielsen. Klaus Kjærulff was appointed CEO.

The pool partnerships continued to grow. In 2001, A.P. Møller joined the LR2 pool and APM/TORM established the LR2 Management pool partnership. Mitsui O.S.K joined the LR1 pool with three ships. By the end of 2002, the three tanker pools had a total of 54 ships.

TORM achieved outstanding financial results during this period and continued to expand its interests. Employee shares worth DKK 2 mill were issued and employee incentive plans were launched. Shares were issued on the Nasdaq stock exchange in New York.

By 2004, the market value of the fleet, including new building contracts, exceeded the account value by DKK1.811 mill. The registered equity amounted to DKK 3,374 mill.

In 2007, TORM acquired the US based company OMI for USD 2.2 billion in a joint venture with Canadian Teekay. OMI also had a branch in Mumbai, India, and thus TORM now has 24/7/365 support and worldwide representation with subsidiaries in Singapore, the Philippines, Norway, USA and India.

In 2008, CEO of TORM, Klaus Kjærulff resigns. COO, Mikael Skov, is appointed interim CEO of the company until his successor, Jacob Meldgaard, can assume his post.

TORM is proud to celebrate its 120th anniversary on 14 January 2009. Both Management and employees are happy with the company's results over the past 120 years.