TORM A/S (TORM) is a Denmark-based shipping company engaged in the provision of integrated freight services to industrial customers. TORM is a carrier of refined oil products, as well as a participant in the dry bulk market. The Company runs a fleet of approximately 140 modern vessels, principally through cooperation with other respected shipping companies. As of March 31, 2013, the Company�s fleet of owned and finance leased vessels consisted of 65 product tankers and two dry bulk carriers. The total tonnage of those vessels was approximately 3.8 million deadweight. In addition, the Company chartered-in 11 product tankers and 28 dry bulk carriers and commercially managed approximately 20 vessels for third-party owners and charterers. The Company operates in two segments: the Tanker Division and the Bulk Division.