NEWS
FIVE MINUTES WITH JESPER BO HANSEN, PRESIDENT OF TORM USA
Jesper Bo Hansen, President of TORM USA
Jesper Bo Hansen, president of TORM USA, spoke last month at the Connecticut Maritime Association's (CMA) first lunch of 2009, providing insights on how TORM is geared to weather this withering market.
With more than 120 years behind it and 129 ships under its banner, TORM -- despite the evolving global financial crisis -- seems well-positioned to not only endure the current financial storm but to flourish in its wake. "The tanker market, luckily, is relatively stable," Hansen said. "We are still trying to grow and increase our international exposure, but today the market does not allow the navigation of acquisitions as it did in recent years. Expansion plans have changed dramatically in the last year." It was almost two years ago, in April 2007, when TORM enacted its international expansion strategy and planted its foot in the American market with -- in cooperation with Teekay -- the deal to buy OMI Corp., a $1.8b deal for the company's 47 ships. Hansen -- noting that the company still feels it has the financial strength to grow -- said that this was not the end of the company's acquisition plans, simply that current market conditions have slowed the process. While many shipping companies large and small may today find the search for the proverbial silver lining hard indeed, Hansen looks to the core of TORM's business: the carriage of petroleum products in a young, modern fleet, with a vigilant eye on costs, safety and environmental issues -- in deriving the confidence needed to move forward. The average age of the TORM fleet today is a mere five years, with the oldest ship built in 1998, and the company has 20 ships -- both direct and through partnerships -- coming into service through 2012. In addition, Hansen said that while shipowners have been running hard in recent years after compliance, TORM, as a company policy, have chosen to go beyond compliance when it comes to safety and the environment; key considerations by customers when choosing a partner. So what is Hansen's advice when looking to keep your head above water in 2009 and beyond? "The world certainly does look challenging," he said, noting that servicing the niche markets, and maximizing route planning, will be the key to survival in 2009. -- Greg Trauthwein
"The world certainly does look challenging," said Jesper Bo Hansen, president of TORM USA, speaking at a recent Connecticut Maritime Association (CMA) lunch
TORM Turns 120
Last month TORM celebrated its 120th Anniversary. Following is a run through 12 decades of development at the company. 1889-1899 TORM is founded in 1899 by Captain Ditlev E. Torm and Christian Schmiegelow. 1899-1909 The Company grows rapidly. TORM is listed on the Copenhagen Stock Exchange in 1905. 1909-1919 TORM expands its shipping operations; begins to sail international voyages. 1919-1929 TORM carries its first cargo of fruit from the Middle East, and orders its first refrigerated ship. 1929-1939 TORM expands, and in 1933 takes delivery of its first motorized ship. 1939-1949 During World War II, TORM loses 13 ships and 41 employees. 1959-1969 Ships feature separate chambers for crew, air conditioning and a remote-controlled motor. 1969-1979 Mergers and efficiency improvements help to streamline operations. 1979-1989 The first DH tankers are delivered, and waster water treatment systems are installed on the older ships. 1989-1999 TORM celebates its 100th anniversary. The company makes shipping history when it establishes pool partnerships with other companies. 1999-2009 TORM is proud to celebrate its 120th anniversary 14 January 2009.
(Source: www.torm.com)
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