TORM A/S (TORM), formerly Aktieselskabet Dampskibsselskabet Torm, is engaged primarily in the ownership and operation of product tankers and dry bulk carriers. TORM’s product tankers primarily carry refined products, such as naphtha, gasoline, gas oil, jet fuel, and diesel oil. Its dry bulk vessels carry commodities such as coal, iron ore and grain. Its vessels trade worldwide. It provides transportation services by utilizing a fleet of vessels that it owns, charter in on short and long-term time charters, or commercially manage as the manager of a pool or through contracts with third-party owners. In March 2008, TORM acquired a 50% stake in the shipping company FR8 Holdings Pte. Ltd. (FR8) from FR8 Limited, a subsidiary of the international oil trader Projector. FR8 Limited continues to own its 50% equity interest in FR8. FR8 operates independently from TORM.