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 December 2006
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Tuborg Havnevej 18
DK-2900 Hellerup
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 [_]
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]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of Announcement No. 13 - 2006 -
Torm's Evaluation of the Company's Assets - issued by A/S STEAMSHIP COMPANY TORM
(the "Company") to The Copenhagen Stock Exchange on December 3, 2006.
Exhibit 1
[GRAPHIC OMITTED]
TORM'S EVALUATION OF THE COMPANY'S ASSETS
3 December 2006
As a consequence of the price increase of the Company's share, the
Company has performed its own evaluation of its assets and thereby the
Company's Net Asset Value excluding brand and goodwill. In this
connection, the Company has found it right to inform about this
evaluation. The evaluation is solely an internal calculation and is
not confirmed by evaluations from external advisers. The Company
underlines that the values and thereby the evaluation can change
significantly among other things in case of changes in the market,
ship values, share price and currency exchange rates.
The statement is based on stock prices and currency exchange rates as
of 1 December 2006.
The statement is sought based on well-known methods of assessment for
the value of the Company's fleet, purchase options and discounted cash
flow as of 1 December 2006 with the exception of the Company's fleet
where the market value as of 30 September 2006 is applied. Treasury
shares are deducted from the outstanding shares.
The calculated value is DKK 14,861 million equivalent to DKK 429 per
share of DKK 10.
The statement of the total values can be summarized as follows:
USD million DKK million DKK per share
Market value of the fleet 2,199 12,291 355
Shares in Dampskibsselskabet "NORDEN" A/S 658 3,679 106
Other shareholdings 28 157 5
Purchase options, timecharter agreements and co-operations 402 2,247 65
Preliminary cash flow from operating activities in Q4 28 154 4
Working capital and deferred tax end Q3 -39 -219 -6
Net debt end Q3 617 3,447 100
Total 2,659 14,861 429
TORM draws the attention to the below mentioned Safe Habor Forward
looking statements.
SAFE HARBOR FORWARD-LOOKING STATEMENTS
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. The
forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination of
historical operating trends, data contained in our records and other
data available from third parties. Although TORM believes that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies
which are difficult or impossible to predict and are beyond our
control, TORM cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
changes in charter hire rates and vessel values, changes in demand for
"tonne miles" of oil carried by oil tankers, the effect of changes in
OPEC's petroleum production levels and worldwide oil consumption and
storage, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled dry-docking, changes in TORM's
operating expenses, including bunker prices, dry-docking and insurance
costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or future litigation,
domestic and international political conditions, potential disruption
of shipping routes due to accidents and political events or acts by
terrorists. Risks and uncertainties are further described in reports
filed by TORM with the US Securities and Exchange Commission,
including the TORM Annual Report on Form 20-F and its reports on Form
6-K.
Forward looking statements are based on management's current
evaluation, and TORM is only under obligation to update and change the
listed expectations to the extent required by law.
Contact A/S Dampskibsselskabet TORM Telephone +45 25 26 33 43
Tuborg Havnevej 18 N. E. Nielsen, Chairman of the Board
DK-2900 Hellerup - Denmark
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: December 3, 2006
By: /s/ Klaus Kjaerulff
--------------------------------
Klaus Kjaerulff
Chief Executive Officer
727139