FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of September, 2002
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Marina Park
Sundkrogsgade 10
DK-2100 Copenhagen 0
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of a Statement No. 30 - 2002
issued by A/S STEAMSHIP COMPANY TORM (the "Company") to The Copenhagen Stock
Exchange on 9th September 2002, "A/S Dampskibsselskabet TORM ("TORM") increases
focus on core business areas - sells USA - West Africa liner activity to the
A.P. M0ller Group."
Exhibit 1
Kobenhavns Fondsbors
(The Copenhagen Stock Exchange)
Nikolaj Plads 6
1067 Copenhagen K
9th September 2002 Statement No. 30 - 2002
Contact Person: Klaus Kjaerulff, CEO
(Phone: +45 39 17 92 00)
A/S Dampskibsselskabet TORM ("TORM") increases focus on core business areas -
sells USA - West Africa liner activity to the A. P.
Moller Group
o TORM sells TORM Lines to companies in the A.P. M0ller Group, and
increases its focus on its core business areas, product tanker and dry
bulk activities.
o The transaction includes assets with a book value of approximately DKK
6.8 million. Net of transaction costs and provisions, the gain before
tax is estimated to be approximately DKK 63 million. Over time, the
sale will release working capital in the range of DKK 25-30 million.
o TORM Lines employs 30 people, of which 26 will be transferred to A. P.
M0ller. The remaining employees continue their employment with TORM.
o Net turnover in TORM Lines was DKK 581 million in 2001 and pre-tax
profit was DKK 13.3 million in 2001.
o As a consequence of the sale, TORM now expects net income after tax
for 2002 to be in the range of DKK 430-440 million or DKK 23.6-24.2
per share, compared to an expected net income after tax of DKK 380
million announced in connection with the release of first half figures
on 12 August 2002.
For several years TORM's principal business areas have been transportation of
refined petroleum products and dry bulk transportation. The sale of TORM Lines
is thus a continuation of the process towards increased focus on core business
areas that began with the announcement in 2001 of the planned cessation of
operations in offshore supply vessel segment.
TORM Lines is a leading operator with more than 20 years' of experience in liner
operations between the US and West Africa, with a non stop service across the
Atlantic combined with a feeder service along the West African coast. The fleet
consists of eight ships, all of which are chartered in. The activities of TORM
Lines are not incorporated in a separate legal entity.
The parties have agreed not to disclose the consideration of the transaction.
EC Hambro Rabben & Partners Limited acted as financial advisor to TORM in
connection with the transaction.
Yours sincerely,
A/S Dampskibsselskabet TORM
Klaus Kjaerulff, CEO
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
A/S STEAMSHIP COMPANY TORM
(registrant)
Dated: September 9th, 2002 By: /s/ Klaus Nyborg
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Klaus Nyborg
Chief Financial Officer
03810.0001 #347803