TORM SHARES BEGIN TRADING ON NASDAQ
Shares of A/S Dampskibsselskabet Torm, the Danish tanker, bulk shipping and liner operator, began trading on the Nasdaq stock market on Tuesday.
Already listed on Copenhagen stock exchange, the company introduced American depositary receipts on the Nasdaq exchange. Each American depositary receipt represents one common share of Torm.
There will be no public offering of shares or creation of any additional shares by the company in connection with the listing.
“The United States has become the prime trading market for global shipowning companies, and establishing a presence in the U.S. capital markets is vital to our global expansion strategy,” said Klaus Kjaerulff, chief executive officer of Torm.
Torm said that the listing on Nasdaq brings the company closer to the specialized financial institutions that are active investors in tanker stocks. Torm said the listing “will help accelerate efforts to expand our business, broaden our global shareholder base, increase our corporate visibility and maintain essential operating flexibility.”
The company intends to double its size in three years by increasing the size of its tanker fleet from just over 50 to more than 100 vessels by 2004, of which 30 percent are to be owned. Torm also expects gradually to grow its bulker fleet.
Besides its product tankers and bulk carriers activities, Torm runs a liner division. The company’s liner services carry primarily containers, breakbulk, specialized cargoes and oil drilling equipment between the U.S. and West Africa.